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A Message from Middlesex Savings Bank

March 13, 2023
By Mike McAuliffe, President and CEO

I’m writing today regarding the events of the past few days in the banking industry. While our community bank business model looks nothing remotely like that of either Silicon Valley Bank or Signature Bank, it’s natural that you might have questions or concerns. I assure you that your deposits with Middlesex are safe and that this news does not impact our operations in any way.
Middlesex continues to be a strong and stable financial institution. Since 1835, we have weathered many events and economic cycles, including the Great Depression and Great Recession. We are committed to remaining a mutual bank, supporting and serving individuals, households, and businesses within the communities we serve. This means focusing on preserving the Bank’s long-term financial strength over short-term profits with very conservative risk management.
I will also share some important facts about Middlesex that will hopefully assist in easing any possible concerns.
  1. Middlesex is financially strong. Our capital levels greatly exceed the regulatory definition of a well-capitalized bank.
  2. We have a low loan-to-deposit ratio with access to ample sources of liquidity.
  3. Our deposit base is well-diversified and comprised of consumer and business deposits from across Massachusetts with no concentrations in any one industry.
  4. The Bank’s loan portfolio is also well-diversified among both consumers and various industries, with strong asset quality and delinquencies at historically low levels.
Middlesex just celebrated its 188th birthday on March 4th. Our colleagues are very proud of our history and are dedicated to continuing the Bank’s legacy well into the future. We deeply value all of our customer relationships and look forward to continuing to earn your trust every day. We will always be “right there with you” to help you in any way we can.
by Middlesex Savings Bank