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At midnight last night, the US government entered a partial shutdown of operations. 1st Security Bank’s daily operations will not be impacted, and we will continue to serve our customers and communities throughout the shutdown.
We remain open for business as the government works through their budgeting process.
1ST SECURITY BANK IS HERE FOR YOU
While we are monitoring the situation, our bank and the broader banking sector are strong, and your FDIC-insured deposits are still fully protected and readily available.
Regardless of what is happening in Washington, you can rest assured that the banking system is safe and your deposits will be there when you need them. Customers’ deposits are protected by FDIC insurance. In the more than 90-year history of the FDIC, no one has ever lost a penny of an insured deposit.
While our bank is not directly affected by the shutdown, the Small Business Administration, Federal Housing Administration, the Department of Agriculture and other agencies with lending programs funded by the federal government could be impacted. That means loans requiring those offices’ approval may not be processed while the shutdown is in effect. In addition, verification resources from certain government agencies, such as tax transcripts from the IRS, may not be available which could delay mortgage loan approvals.
While the National Flood Insurance Program is a federal program that relies on congressional authorization, loans that require flood insurance can still close during a lapse in the NFIP, either by following certain NFIP and regulatory guidelines (FDIC, OCC, and FRB) and ensuring that a system is in place to obtain NFIP policies as soon as the program is reauthorized, or by obtaining private flood insurance. NFIP payments could still be delayed by a shutdown.
We will work with our customers to make the shutdown as seamless as possible.
1st Security Bank stands ready to assist anyone affected by the government shutdown. If you are a federal employee, we are here to help.
We recognize and appreciate that some of our customers may be concerned about how a federal government shutdown could affect things such as paychecks for federal employees and government contractors, federal benefits, and other government programs. We stand ready to work with and support our customers who may be facing any hardships due to the circumstances.
We strongly encourage federal employees and others who may be impacted by the shutdown to reach out to their local branch as soon as possible to discuss their situation and see what help 1st Security Bank can offer, such as possible fee waivers or payment extensions.
Find additional resources or contact your local branch.
