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Dear Member:
Recently there has been a lot of news concerning the
safety and soundness of banks both nationally and in our
local marketplace. While these reports may cause you
concern, we want to assure you that Fox Chase Bank
significantly exceeds all regulatory “well-capitalized”
measures and has excess liquidity to weather these
trying times. We have received BauerFinancials "5 star
rating" - the highest possible rating for the safety and soundness of a bank.
Our lending practices have and continue to be
conservative in nature. Certain financial institutions
that made sub-prime type loans generally have
insufficient reserves to absorb the losses that making
“less conservative” loans have produced. Fox Chase Bank
never targeted “sub-prime” borrowers or loans outside
its marketplace in Pennsylvania and New Jersey and, as a
result, the Bank has experienced minimal loan losses.
Your Bank is strong, profitable well-capitalized and
maintains adequate reserves for potential loan losses it
may incur, which allows it to navigate with confidence
through these trying times.
For over 141 years, Fox Chase Bank has been serving the
banking needs of the communities in which we operate. In
difficult times like these, it is the people at our Bank
that make the difference. We employ a highly qualified,
experienced group of credit and risk managers who
utilize a highly disciplined process to manage our loan
portfolio.
Much has also been written about the safety of bank
deposits and deposit insurance limits provided by the
Federal Deposit Insurance Company (the “FDIC”). First,
it is important to remember that FDIC insurance for
deposits is the last line of protection provided to a
bank’s depositor not the first. A depositor should
always first examine the overall strength and
profitability of their bank when making decisions about
how much to keep on deposit at any individual financial
institution.
It is also important to recognize that on October 3, 2008 President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which increases FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31, 2009. For businesses, each of your legal entities now has FDIC insurance coverage up to $250,000. To learn more visit myfdicinsurance.gov, where you can use EDIE the Estimator, an online tool that provides customized information about your insured accounts
We at Fox Chase Bank stand ready to serve the banking
needs of you, our valued customers, as we have done for
the last 141 years. Should you have any questions about
the Bank, your deposits, or your FDIC coverage, please
feel free to contact us at 215-283-2900 or toll free
866-369-2427 Option 1. And as always, thank you for
banking with us and for your confidence in Fox Chase
Bank.
Sincerely,
Tom Petro
President and CEO
Past Issues
Welcome to our New Site
A Holiday message from the CEO
This year we celebrate our 140th anniversary.
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