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2 startup Valley banks say they are fiscally strong amid Silicon Valley Bank closure

Wednesday, March 15, 2023   /   by Juan Grimaldo

2 startup Valley banks say they are fiscally strong amid Silicon Valley Bank closure

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Leaders of Valley-area community banks say their financial institutions remain financially strong with some reporting a rise in depositors following the recent closures of Silicon Valley Bank and Signature Bank. 

It's "business as usual" and deposits are remaining steady at Scottsdale-based Gainey Business Bank Inc., said Joseph Stewart, president and CEO of Gainey Business Bank.

Gainey Business Bank is one of three new community banks that opened in the Valley last year. 

“We’ve had conversations with depositors about (the Silicon Valley Bank and Signature Bank closures) and we just explain our situation is quite calm here,” Stewart said. “We have plenty of capital and we’re not experiencing similar issues that are affecting those two banks.”

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By Amy Edelen - Reporter, Phoenix Business Journal




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The Grimaldo Group
Juan Grimaldo
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Goodyear, AZ 85395
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