Missouri State Treasurer Vivek Malek says the state's banks "are in a good position"
Malek met with officials from the Federal Reserve in St. Louis after the collapse of Silicon Valley Bank and Signature Bank.
The Missouri State Treasurer met with St. Louis Federal Reserve officials following the collapse of Silicon Valley Bank and Signature Bank.
Vivek Malek said in a statement that he met with the St. Louis Federal Reserve to see what, if any, impact the collapses might have had on Missouri’s financial institutions.
Malek said he was assured that the state’s banks "are in a good position," but he will continue to monitor the situation.
He reminded Missouri residents that deposits in Federal Deposit Insurance Corporation or FDIC-insured banks and credit unions are federally protected up to $250,000.
Silicon Valley Bank, which collapsed a week ago, had around $175 billion in deposits, according to a report from NPR. Signature Bank was shut down soon after by regulators in New York.