National Bankers Association Releases Statement Regarding Failed Banks

Filed Under: Banking, More News, Non Profit News

Today, National Bankers Association (NBA) President and CEO Nicole Elam Esq. and Chairman Robert James II released the following statement regarding Silicon Valley Bank (SVB) and Signature Bank.   

“In light of recent industry events, the National Bankers Association wants to assure consumers that your money is safe with minority banks,” said Nicole Elam, President and CEO of the National Bankers Association.Minority depository institutions are very different from both SVB and Signature Bank which had high concentrations in crypto deposits and volatile venture capital. Minority banks are not exposed to riskier asset classes and have the capital and strong liquidity to best serve consumers and small businesses. If you’re looking for a place to bring your deposits and have greater impact, bring your deposits to minority banks.” 

“The Biden-Harris Administration, FDIC, and Federal Reserve worked hard this weekend to make sure that these bank failures are the exception, not the rule, and that all Americans can continue to have confidence in our banking system. I also applaud bipartisan leaders in Congress for keeping stakeholders informed about how hard-earned deposits are being kept safe.” said Robert James, II, Chairman of the National Bankers Association, President & CEO, Carver Financial Corporation.

Local banks and financial advisors have been assuring customers that their deposits are indeed safe.

“The Federal Deposit Insurance Corporation guarantees any deposits up to $250,000, which means that most (if not all) of the ordinary people who banked with SVB will be made whole,” read a release from Beacon Financial Planning in Hyannis. “In fact, according to Investopedia, ‘SVB depositors will have access to their money today
(3.13.23), according to a joint statement from the Treasury Department, Federal Reserve, and the FDIC.”
The National Bankers Association, based in Washington, D.C., is the nation’s leading trade association for the country’s minority depository institutions (MDIs).  Members include Black, Hispanic, Asian, Pacific Islander, Native American, and women-owned and -operated banks. MDIs are located across 28 states and the District of Columbia, Puerto Rico, and Guam. For more information, visit