Independent Bankers Assn. of Texas Statement on Safety and Soundness of Banking System During COVID-19 Pandemic

AUSTIN, Texas, March 19, 2020 /PRNewswire/ -- Independent Bankers Association of Texas (IBAT) President and CEO Christopher Williston issued the following statement regarding the safety and soundness of the banking system during the COVID-19 pandemic.

"IBAT, along with the Federal Deposit Insurance Corporation (FDIC), wants to remind and reassure Texans—and others across the country—that the safest place for their money is in a federally insured bank, which all Texas community banks are. Since 1933, no depositor has lost any FDIC-insured funds. The safety and soundness of the entire banking system is, and will remain, secure and unchanged.

"If a bank has announced limited branch hours or specific lobby closures, it is in preparation to remain open and ready to meet all customers' financial needs throughout this pandemic—however long it may last. Texas community banks are committed to protecting the health and safety of both customers and employees. Full banking services can be accessed through other locations (if a specific branch is closed) or by utilizing technology, drive-through services and/or person-to-person telephone interaction.

"Consumers should be aware of recent scams in which bad actors pretend to be FDIC representatives to perpetrate fraudulent schemes. The FDIC warns that consumers may receive false information regarding the security of their deposits or their ability to access cash—this is a scam. The FDIC does not send unsolicited correspondence asking for money or sensitive personal information, so please never respond to these requests.

"To reiterate, the safest place for Texans to keep their money during this time of uncertainty is a bank, where they will always have full access to it. On behalf of the Texas community banking industry, I urge consumers to not let fear drive decisions and instead rest assured that our banking system remains safe and sound."

To speak with Williston about this or related topics, contact IBAT's Lindsey Gehrig.

About the Independent Bankers Association of Texas
Formed in 1974, the Independent Bankers Association of Texas (IBAT) represents Texas community banks. The Austin-based group is the largest state community banking organization in the nation with membership comprised of more than 2,000 banks and branches in 700 Texas communities. IBAT member bank assets range in size from $21 million to $31 billion with combined assets statewide of $193 billion. Member banks are committed to supporting their local communities.

SOURCE Independent Bankers Association of Texas