'Americans can have confidence that the banking system is safe,' the president said. 'Americans can have confidence that the banking system is safe,' Biden said on Monday morning. Officials assured all of the bank's customers that they would be able to access their money on Monday. Silicon Valley Bank had more than $200 billion in assets and catered to tech start-ups, venture capital firms and well-paid technology workers. In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed. history, behind only the 2008 failure of Washington Mutual. It is the second largest bank failure in U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. This came amid worries about what may be next to topple following the second- and third-largest bank failures in U.S. banks, but the failures have nonetheless created concern among customers who hold their money in other similarly-sized banks.Īt First Republic Bank in Studio City Monday morning, there was a steady stream of customers to take their money out and move it to bigger banks. STUDIO CITY, LOS ANGELES (KABC) - President Biden says the American banking system remains safe following the collapse of two U.S.

Busted bank vault