Should You Change Banks?

[@vinnyg2619]

We've owned PacWest for a while. It was paying a decent dividend and seemed like a "safe" bank. Recently I have been taking stock (pardon the pun!) in what we own and have decided that going into retirement I want us to own mostly ETFs or Mutual Funds due to the safety factor of having 100, 500 or more securities in one place. I started by selling a lot of items that I considered risky and PACW was just shy of breaking even and I figured I would keep it until breaking even then SVB hit! 🙄We don't own a lot of it but yes as a shareholder it stings. I have been lazy selling some of our other "winners" but going to put my mind to just sticking with stock funds. As far as moving deposits to a different bank, if the FDIC moves fast or another bank buys the bank then all should be good. We use a large bank only for convenience of ATMs when needed. Our mortgages have always been through small community banks and I feel we always got a better deal then from a large bank.