In light of recent news stories regarding the challenges of a few financial institutions, Canandaigua National Bank & Trust (CNB) officials say it remains well capitalized and well positioned to continue to serve its customers and community. CNB is an insured Member FDIC financial institution which protects its deposits.
“As a community bank, we reinvest our deposits back into the communities we serve,” said CNB President and CEO Frank H. Hamlin III. “CNB manages and maintains a diversified approach to deposits, lending, and funding sources reducing our risk to impacts of a single industry or investment. We also make decisions locally, which means that we focus on our local economy’s health and wellbeing.”
“The Rochester region has always been economically stable,” said Hamlin. “We are not saturated with venture capital and start-ups, as seen in areas like Silicon Valley and thus not subject to the volatility experienced by start-up companies not in a position to survive adverse economic conditions.”
Founded in 1887, Canandaigua National Bank & Trust is the region’s only local, full-service, community-owned financial institution, with 25 branches in Ontario and Monroe counties, as well as three Financial Services Offices, located in Canandaigua, Bushnell’s Basin, and downtown Rochester. Together they offer a full range of financial services for individuals, businesses, municipalities, and not-for-profit organizations. For more information, visit https://CNBank.com.
Customers with questions may call CNB’s Customer Call Center at 585-394-4260, or toll-free at 800-724-2621.
Frequently Asked Questions:
Q: Are my deposits safe at Canandaigua National Bank & Trust:
A: CNB is a member of the Federal Deposit Insurance Corporation. All deposits up to $250,000 are protected by FDIC. Additionally, CNB has significant liquidity through multiple funding sources.
Q: Are deposits over $250,000 insured?
A: At present, the federal government has stated protections will be extended for deposits over $250,000 for the banks in tumult. A reciprocal deposit program utilized during the Great Recession and the pandemic to insure deposits over and above the FDIC protected $250,000 limit.
Q: What makes CNB different?
A: We have 137 years of historical success through the Great Depression, two world wars and the Great Recession. CNB is local: deposits, decision making, and experience across a broad set of business which comprise a balanced, diversified set of loan portfolios. Our investment portfolio represents a small portion of our balance sheet and is weighted toward providing liquidity for the funding of loans.
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