24 Hour Western Union Las Vegas Nv - The Nevada State Bank is seen on Monday, March 13, 2023, in Las Vegas. (Bizuayehu Tesfaye Las Vegas Review-Journal) @btesfaye
A customer enters Nevada State Bank, Monday, March 13, 2023, in Las Vegas. (Bizuayehu Tesfaye Las Vegas Review-Journal) @btesfaye
24 Hour Western Union Las Vegas Nv
An ATM is shown outside the Nevada State Bank, Monday, March 13, 2023, in Las Vegas. (Bizuayehu Tesfaye Las Vegas Review-Journal) @btesfaye
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A customer uses an ATM at the Nevada State Bank drive-thru, Monday, March 13, 2023, in Las Vegas. (Bizuayehu Tesfaye Las Vegas Review-Journal) @btesfaye
The Nevada State Bank sign is seen on Monday, March 13, 2023, in Las Vegas. (Bizuayehu Tesfaye Las Vegas Review-Journal) @btesfaye
Parent companies of regional banks in Nevada sought to allay customer concerns after their stock was temporarily suspended from trading several times Monday as panic spread among investors following the collapse of two major banks.
The collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday prompted President Joe Biden to assure Americans that money in those banks, like others, was safe. Federal regulators also announced emergency measures to guarantee all deposits at Silicon Valley and Signature Bank, even those above the federally insured limit of $250,000. But concerns persisted on Wall Street, causing market volatility among regional banks with ties to Nevada.
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The precipitous drop in stock prices caused temporary disruptions in operations at about a dozen banks, including Zions Bancorporation and Western Alliance Bancorporation, the parent companies of Nevada State Bank and Bank of Nevada, respectively. Shares of Salt Lake City-based Zions fell 25.72 percent to close Monday at $29.97 per share, while Phoenix-based Western Alliance fell 47.06 percent to $26. .12 dollars.
Jeff Saling, CEO of StartUpNV, said its associated venture funds are at Silicon Valley Bank, but its deposits are less than the federally insured amount. He also said the nonprofit's Professional Employer Organization, a form of human resources outsourcing for small businesses, also had accounts at Silicon Valley Bank.
"I'm very grateful that they came up with the solution that they found and that we can continue to be investors in our startup community," Saling said. "If we had more than $250,000 in the bank, it could easily hold us back. And I still don't know what the consequences will be when we raise our next fund."
Andrew Woods, director of the UNLV Center for Economics and Business Research, said the Federal Reserve's interest rate increases are part of the reason for bank failures.
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"There will be consequences if the world is a more expensive place to borrow money. Money doesn't come as cheaply and easily as it has in the past; Silicon Valley Bank is one such example so far," Woods said.
But the emergency decision by the Federal Reserve, the United States Department of the Treasury and the Federal Deposit Insurance Corporation. .
StartUpNV also has business accounts at Nevada State Bank, Saling said. The situation made him wonder if he should spread his funds among even more banks to reduce any financial risk.
"Unless I spread my money across 10 banks, which would be difficult to do from an operational perspective, I don't know how I could avoid it," he said, adding that he'll keep an eye out for a bank deposit bonus. relationship as he searches for a new bank to hold his venture funds after the collapse of Silicon Valley Bank.
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Zions Bank President Scott Anderson told clients in a letter that he has access to "tens of billions of dollars" in liquidity, and the Treasury Department and regulators took swift action to limit the spread of bankruptcies. banking, according to The Salt Lake Tribune.
Anderson said the bank's deposits are held in 1.4 million accounts with amounts smaller than the average balance at Silicon Valley Bank and Signature Bank.
In a filing with the Securities and Exchange Commission on Monday, Bank of Nevada's parent company, Western Alliance, said its cash reserves exceed $25 billion and that "deposit outflows have been moderate," according to the president. and CEO Kenneth Vecchione.
Woods said he and his team will continue to monitor how this situation may affect the Federal Reserve's efforts to combat inflation. The central bank is expected to hold its next meeting on March 21-22.
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"How can the Federal Reserve reduce inflation without collapsing the economy, as we have all been asking for more than a year?" he said. "I think their job is more difficult because the market doesn't like to see these examples of bank failures, or maybe we will see bankruptcies solved."
McKenna Ross is a corps member for Report for America, a national service program that places journalists in local newsrooms. Contact her at mross @. Follow @mckenna_ross_ on Twitter. The Associated Press contributed to this report.
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