4 GSB Leadership Members Standing Together

5 Reasons to Trust GSB

March 17, 2023

With the current volatility and concern in the current financial markets, it’s understandable that people will worry about the security of their deposits. They may even question whether they should protect their hard-earned savings by moving them to a larger, “too-big-to-fail” bank. It’s a fair question, but as a trusted financial partner, we’d suggest there’s more to it than that.

The fact of the matter is that there are many reasons why GSB is the right place to protect and grow your savings. Here are just a few:

  1. GSB offers the highest level of FDIC insurance – equal to any of the largest banks in the United States: up to $250,000 for each account owner category. And we’re happy to help you maximize that coverage.
  2. Disciplined Growth. We hold ourselves to the highest principles when it comes to protecting your financial wellbeing. We adhere to a disciplined, forward thinking, low-risk growth strategy that’s successfully driven a 9% annualized deposit growth rate for the last 5 years.
  3. Mutuality. At GSB, a mutual savings bank, we do not have outside shareholders and can therefore take a long-term approach to business. We’re not under pressure to increase our risk, unlike larger publicly held institutions that may tolerate more risk to meet shareholder demands for higher returns. Our profits enhance our ability to reinvest back into our community.
  4. Local Deposits. Local Loans. At GSB, we don’t look for deposits from unknown or niche markets, and we don’t make larger, riskier loans to huge, far-away companies. We grow our deposits from our neighbors across Connecticut, and provide loans that families and local businesses use to thrive.
  5. Safe and Sound. We’ve been here nearly 150 years, and we’re not going anywhere. Our current balance sheet is stronger than most, with access to an ample funding to support current and projected liquidity needs.

Our local bankers are happy to meet in person or hop on a call to answer any questions you might have. Certainly, these are concerning times, but GSB has navigated situations like these many times before, and has always and consistently protected our clients.

No, we’re not a “too big to fail” bank. We’re your trusted financial partner of nearly 150 years, and at GSB, we’re simply too dedicated to your financial future to let you down.