To Our ACHWorks Clients and Partners,
We understand the uncertainty following the news of federal intervention of Silicon Valley Bank & Signature Bank.
We want to assure you that Vericheck (VCI) and ACHWorks do not maintain a banking, investment or payment processing relationship with Silicon Valley Bank or Signature Bank, and remain insulated from the recent events.
We are part of Commercial Bank of California (CBC), a privately owned bank that is strong in its financial stability, its business practices and is well-positioned to deal with today’s rising rate environment or any of the changes that will inevitably emerge in the future.
Neither VCI nor Commercial Bank of California are publicly traded companies. Because of their private status, they don’t have investor pressures like most institutions have. Being private allows CBC and VCI to make decisions in the best interest of our clients, our team and the market dynamics.
As a private organization, CBC and its family of companies are shielded from the exposure of volatile public markets and they purposefully closely manage their own investment risk to protect the bank, the local communities in which they operate, the team, and our clients. They can achieve this because their investment portfolio has very low exposure to interest rate risks, unlike SVB’s, and they have no exposure to crypto related deposits or loans, like Signature.
If you have questions or need assistance with business banking or payment processing because of today’s events, please reach out to us to see how we can help.