Are you confident in the solvency of local banks following the recent failure of two others in California and New York?

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A PERSON LEAVES one of the Signature Bank branches in New York March 13. The recent failures of Signature Bank and Silicon Valley Bank in California have raised concerns about the financial condition of banks across the country. /ASSOCIATED PRESS/ YUKI IWAMURA

U.S. regulators closed the Silicon Valley Bank in California on March 10 following a bank run.

According to The Associated Press, it is the second-largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.

Soon after Silicon Valley Bank’s closure, New York-based Signature Bank also failed. 

President Joe Biden on March 13 said the failures were isolated cases, and the U.S. banking system is safe.

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Bloomberg News reported that Bank of America Corp. emerged as an early winner, collecting $15 billion in new deposits in the immediate aftermath of the closings.

Are you confident in the solvency of local banks following the recent failure of two others in California and New York?

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