President Joe Biden assured the country that the recent bank failures would not affect other bank systems, and the Alabama Bankers Association and the Alabama Banking Department agree.
“The message that we have for Alabamians today and every day is that banks are a safe place to keep your money,” said Alabama Bankers Association CEO and President Scott Latham.
Both the Alabama Bankers Association and the state banking department say Silicon Valley Bank failed by working with a specific type of customer. “Significant, very substantial, withdrawals from the bank when it was concentrated and very specialized kinds of industry,” said Reed.
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