JENKS, Okla. — The failure of two major banks in the United States prompted some Oklahomans to worry about their own finances.
The message from two Oklahoma banking leaders to customers is that the Silicon Valley Bank and Signature Bank failed due to liquidity issues, and Oklahoma banks really don’t have those kind of problems.
Young Tulsa professionals Gracie Clouse and Emma Sampson trust their banks, and know how important they are to their lives.
“It wouldn’t be something I’d think would collapse," Sampson said. "I’d feel a little bit lost of what to do, and a little scared.”
Luckily, they didn’t invest in Silicon Valley Bank – the country’s sixteenth largest bank that failed last Friday, or Signature Bank, two days later.
Here in Tulsa, it’s left some people wondering. “I think just seeing a big bank like that fall shows any bank could," Sampson said.
First Oklahoma Bank staff said they’ve been taking calls all week with people asking what’s going to happen to their deposits.
CEO Thomas Bennett III said there's no reason for fear. He explained those banks failed because they didn’t have enough cash to cover customer withdrawals. Plus, in the 2008 financial recession, some banks failed due to loan and bond losses. Still, Bennett says it’s a finite number of banks.
“This is not a contagion for all the banks across America," Bennett explained. "It’s certainly not a contagion for community banks in Oklahoma.”
2 News also reached out to Regent Bank. CEO Sean Kouplen said in part, "the failure of Silicon Valley Bank and Signature Bank were caused by very unique circumstances that are not applicable to banks here in Oklahoma... Oklahoma banks are much more conservative by nature.
If people still worried about your finances, Bennett recommends calling your bank.
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