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.
