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Touchstone Bankshares’ Financial Condition Remains Strong
Touchstone Bankshares, Inc. (the “Company”) (OTC Pink: TSBA), parent company of Touchstone Bank (the “Bank”), is providing an update on its financial condition given recent market turmoil.
James Black, President and CEO, stated, “Touchstone Bank is strong, diversified, and well-capitalized. Our capital strength is well above what is required by federal regulation. For over 117 years, we have made decisions that support our communities. We are proud to be a community bank with a well-diversified deposit base and loan portfolio that meet the unique needs of our community. We also hold a Superior 5-Star rating from Bauer Financial, an independent financial rating company for financial strength and performance amongst banks nationwide.
Given the concerns in the market associated with the recent failures of Signature Bank and Silicon Valley Bank, we wanted to reassure our customers and shareholders that our conservative operating philosophy and relationship banking model make us significantly different from those banks. In fact, our net deposits have grown during the first quarter of 2023 and have grown further since the announced failures of Signature Bank and Silicon Valley Bank.
We are monitoring the status of the Bank’s $1.0 million subordinated debt investment with Signature Bank. We may be forced to recognize an impairment charge on this security, which would adversely impact the Bank’s earnings in the period in which the charge is recognized. Regardless of the outcome of this investment, Touchstone Bank will continue to hold capital well in excess of regulatory standards for well-capitalized status and will have ample liquidity to ensure our customers have the financial resources to meet their obligations and grow their businesses. We have no other direct exposures to Signature Bank or Silicon Valley Bank.”
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