In one twenty-four period in March, over 42 billion dollars was withdrawn from Silicon Valley Bank in California. This led to the second largest bank collapse in US history and SVB went into FDIC receivership. In short order, Signature Bank also collapsed and several others were left looking wobbly. In response, many Americans began moving their money away from regional banks toward larger national, so-called too big to fail, banks. This trend represents an acceleration of bank consolidation, making the rich guys richer.
I wanted to get to the bottom of what’s happening in the banking sector and did so thanks to our guest, Austin Patjens. Patjens is the VP SBA Business Development Officer Sr at Heritage Bank (he joined us for this episode in a personal capacity). We talked about the health of regional banks and why he believes your deposits are safe at banks like his and other regional banks.
Cast of Characters & Going Further
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