Bank failures: Are Texoma banks at risk?
DURANT, Okla. (KXII) - Silicon Valley Bank had close to $175 billion of deposits before collapsing on Friday.
First United Bank CFO George Clark has an answer.
“When depositors wanted their cash, the bank had to sell some bonds, it encouraged some losses, social media got a hold of it, and the news. Then there was a panic, and then basically a run on those banks,” First United CFO, George Clark said.
The federal government is stepping in to fully cover the deposits, but the burning question: How likely is this to happen to the average Texoma banking customer?
“Very unlikely. Banks in the whole system, are as safe as they have ever been. We have more capital in them than they have ever been, which means they can sustain more losses than they ever have,” Clark said.
Experts say there are 3 major ways customers can make sure their money is safe.
First, get a good banker, one that you trust.
Second, understand your deposits, and make sure your finances are set to have the most FDIC insurance coverage.
Lastly, if you have more than $250,000 in the bank, ask your banker for guidance, there are several ways to ensure your money stays protected.
Clark says community banks aren’t like those that failed.
“We have a very diverse customer base. Our depositors are not venture capitalists. They are teachers, firemen, people like you and me. They are the deposits of our bank. So very diverse, very safe,” Clark concluded.
He said his customers can feel confident that their money is safe.
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