Over the past week and a half, three large banking establishments located on the coasts were either taken over by or closed by regulators. Two of the California-based institutions have even prompted President Joe Biden to provide reassurance to bank depositors.

It marked the second and third largest bank failures in U.S. history.

Due to the waves made by the collapses of Silvergate Bank, Silicon Valley Bank and Signature Bank, local banks have provided words of comfort to their clientele.

One of those local banks is WCF Financial Bank, based out of Webster City.

In a statement released on Tuesday morning by Timothy Kluender, WCF Financial Bank president and chief executive officer, the bank noted current events and why it won’t affect the local bank.

“Rest assured this pair of banks does not represent the actions, risk appetite or business model of community banks throughout the nation, or more specifically, WCF Financial Bank here in Iowa,” Kluender said. “As a community bank, WCF Financial Bank remains well-capitalized, far above the regulatory definition, and is well-positioned to serve our customers and community.”

Within the statement, banks such as California-based SVB and New York-based Signature Bank had taken “significant risks” with the former’s investment portfolio and the latter’s venture into cryptocurrency.

“Our business model does involve taking undue risk in our investment portfolio or with cryptocurrency assets,” said Kluender. “Rather, we continue to do what we have done for nearly a full century — accept local deposits and lend those dollars out to local individuals, farmers and businesses in our communities. That business model has served the bank, our customers, our shareholders and our communities well for many decades, and it will continue to do so into the future.”

“We take pride in our relationship-based business model that focuses on building long term trust with our customers,” Kluender continued. “After all, our employees live in the same communities that we serve, and your success is our success.”

On a national level, the Federal Reserve and the Treasury Department had made moves on Sunday evening to allow depositors from SVB and Signature Bank to access their funds.

The small community banks operate completely differently than the “high risk institutions,” according to Kluender. “Your money remains safe with us, just as it always has,” Kluender said.