Alaska banks and credit unions are less exposed to risk from the rising interest rates and uninsured deposits that hurt Silicon Valley Bank and other banks, officials say.
every three months, like their federally chartered counterparts such as Wells Fargo or First National Bank Alaska.
The state’s banks have nowhere near the high rate of uninsured deposits, around 90%, seen at Silicon Valley and Signature banks, Schmidt said. That large number contributed to the rush on the bank because depositors wanted to protect their money. Schierhorn said in an interview Wednesday that Northrim is the only bank in Alaska that has purchased two other banks, including Alaska Pacific Bank in Juneau about eight years ago. It also co-founded Residential Mortgage, the largest mortgage originator in Alaska.“What’s different about our bank versus the banks that have failed is we have a diverse customer base, we’re very liquid and we have strong capital,” Schierhorn said.
Tim Sullivan, incoming president of the league and government affairs manager at Alaska USA, said in an interview on behalf of the league that “credit unions are a different animal than Silicon Valley Bank.”
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