Separated by a continent, should Alabamians be scared about the collapse of two banks in California and New York?
While the temptation for some is to flash back to the financial crisis of more than a decade ago, industry figures say action taken by the federal government and the financial markets should be enough to reassure the public.
Two days later, Signature Bank in New York closed its doors, just as the Biden Administration announced that customers at both banks would have access to their deposits, even beyond the $250,000 FDIC threshold. “We have a diversified business serving a wide range of consumers and established businesses of all sizes in different industries across our 15-state retail-banking footprint and beyond,” the company said.
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