Local financial expert sheds light on two national bank closures

Photo by: WDAY Radio File
Photo by: WDAY Radio File

(Fargo, ND) -- A local financial expert says average people should not be concerned following the sudden closure of two national banks on the east and west coast. 

Brien Krank, a Financial Advisor and Managing Partner with Collins and Krank, joined the Jay Thomas Show to discuss the failures of Silicon Valley Bank and Signature Bank and their potential impacts on this region. Krank says the Biden administration has stepped up to the plate to help ensure another financial crisis to the scale of 2008 and 2009.

"He just said all of the the things that we needed to hear, "said Krank, referring to Biden calling for calm and asking depositors to put confidence in their regional banks. 

The Biden Administration is also reiterating a statement made by the Federal Deposit Insurance Corporation and The Treasury Department, saying depositors will guaranteed access their funds - a promise that was not granted to investors. Biden claims the money will be taken from the fees banks pay into the deposit insurance fund. 

"Look, the bottom line is this: Americans can rest assured that our banking system is safe.  Your deposits are safe. Let me also assure you: We will not stop at this.  We’ll do whatever is needed on top of all this," said President Joe Biden in a live statement from The White House.

"The key words Jay, what they said is 'Whatever is needed', anything possible to make sure we don't have another financial crisis again." said Krank, who believes the announcement by the administration should comfort individual depositors. 

You can read the official statement from President Joe Biden by clicking here

Original Air Date: 
Monday, March 13, 2023