Wisconsin Bankers Association Statement on the Failure of Silicon Valley Bank
By Wisconsin Bankers Association President and CEO Rose Oswald Poels
The public can rest assured that the banking system overall and Wisconsin banks are safe, sound, and resilient. Wisconsin banks do not operate in the manner that caused the failure of Silicon Valley Bank in Santa Clara, California and Signature Bank in New York, New York. The customer base of Wisconsin banks is much more diversified and the overall balance sheet management of Wisconsin banks is significantly different. Regulators acted swiftly and decisively, which protected customers of the failed banks and prevented further pain across the banking system. As recent data from the Federal Deposit Insurance Corporation show, Wisconsin banks are well capitalized and remain on solid footing. Consumers can remain at ease knowing that their money is safe in an FDIC-insured bank in Wisconsin.
For further information on FDIC deposit insurance coverage, please refer to FDIC’s Understanding Deposit Insurance resource, Deposit Insurance FAQs, and SVB FAQs.