On Monday, March 9th we experienced a shutdown in stock market trading. The current worry among many traders is the Coronavirus.
Very fortunately, many local banks have a dedicated staff and management to react as necessary. Your community banks have managed through bad economic conditions, horrific weather, staff shortages, loss of power, loss of network connections, and more. First Security Bank alone has survived the Great Depression, the Spanish Flu Pandemic of 1919, the devastating 1968 F-5 Tornado in Charles City, the Ag Crisis of the 1980s, several floods, and the 2008 recession.
As history has shown, we can ensure customers that First Security is a safe place to conduct business. We have the most critical elements needed by all financial institutions: a strong capital position, high liquidity, a well-trained seasoned staff and management, and a commitment to serving our communities and customers.
Customers may be tempted to withdraw funds, but stockpiling or carrying a large amount of cash isn’t safe. In fact, viruses and bacteria cling to paper bills. If this is a concern, your debit/credit card and mobile wallet may be a preferable means of payment. If you are feeling unwell, you can even bank from home with online or mobile banking. First Security’s mobile app even includes the ability to pay bills electronically and deposit checks with the use of your phone’s camera.
First Security, like other local banks, will continue to conduct business and do what’s necessary to ensure the vitality of our communities. We won’t know exactly all that might be necessary if the virus spreads into our communities, but your local bankers will act quickly to help however we can. We have liquidity, money to loan, and a commitment to serve our business customers and communities.
In general, we want to tell customers to please not get caught up in the panic. There’s a reason pandemic and panic start with the same first three letters. Trust the medical professionals, not the politicians and social media. It’s a wonderful time to not spread “fake news”!
First Security Bank & Trust has locations across North Central Iowa and headquarters in Charles City. Member FDIC.
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