President Biden to speak Monday after Silicon Valley Bank collapse
U.S. regulators closed Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw funds all at once. New York-based Signature Bank also collapsed.
A branch of Signature Bank is photographed, late Sunday, March 12, 2023, in New York. Regulators announced that the New York-based bank had failed and was being seized. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history. Signature's failure comes just days after the failure of Silicon Valley Bank. (AP Photo/Bobby Caina Calvan) (Copyright 2023 The Associated Press. All rights reserved.)
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President Biden said Monday morning that the nation’s financial systems were safe, and asked for calm after the demise of two banks. The President also pressed for better oversight and regulation of larger banks.
So we want to know, how did you do business with Silicon Valley Bank or Signature Bank? Fill out the forum below and your response may be read on a Channel 4 newscast.
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