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W W W. M A I N E B I Z . B I Z 13 A P R I L 3 , 2 0 2 3 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E "If depositors decide to lose faith in Maine banks, even if they are well-capitalized and the depositor reasoning is unfounded, such banks could be vulnerable," he says. "Today all banks, even healthy ones, are being questioned by depositors." Williams notes that the barrage of credit down- grades of banks including First Republic Bank — after getting a $30 billion infusion from 11 major U.S. banks — has made it harder and costlier for some lenders to raise new debt financing. He's also concerned over reports of depositors taking their money out of smaller institutions. Borrowing a phrase made famous by 1992 presi- dential candidate Ross Perot, he says, "e new giant sucking sound is depositors leaving smaller, regional institutions and going to the bigger banks. at's a destructive force that should be quelled." His recommendation to smaller banks is to market the fact that "they are well-run, safe and sound, and don't practice excessive risk-taking with depositor funds." Williams also suggests prominently display- ing the Federal Deposit Insurance Corp. sticker on their websites and front doors. C O N T I N U E D O N F O L L OW I N G PA G E » Ware-Butler Industrial will supply prod- ucts to earthwork and concrete jobs, roads/bridges/construction jobs, grow businesses, storage units, livestock farms, health centers and commercial buildings of all types, infrastructure projects such as sand-salt sheds and municipal buildings, etc. WAREBUTLER.COM CONTACT US for your non-residential and commercial construction needs across Maine. Put our statewide buying power and experienced sales team to work for you! industrial@warebutler.com Fabric / Pipe / Culverts / Styrofoam insulation / Construction lumber Sheet goods / Millwork / Metal roofing and siding products PRODUCTS OFFERED: CUSTOM WORK AVAILABLE L OW I N G PA G E » Tips for bank depositors I f depositors are worried about their bank accounts in the wake of the current turmoil, what can they do? "If you have more than $250,000 with one bank, look to diversify," suggests Jessamyn Norton, chief investment officer at Spinnaker Trust in Portland. She also recommends anyone with a brokerage account look to move extra cash onto those plat- forms to maximize yields, since brokerage money market funds are now paying above 4%. "Those are the two steps that can and should be taken to protect your cash," adds her colleague, Tony Alaimo, an investment professional at Spinnaker. Andrea Shaw, a Portland-based partner at virtual law firm Practus LLP, agrees that it's a good idea to have more than one bank account. "It may make managing your accounts a little more complex," but also "gives businesses additional FDIC insurance coverage," she says. She also recommends that depositors educate themselves on what to do in case they are ever caught up in a bank failure and points to the FDIC website (www.fdic.gov/resources) as a useful starting point. PH OTOS / C OU R TES Y OF S PI NNAKER TR U S T Jessamyn Norton and Tony Alaimo

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