North Carolina Bankers Association says accounts in state are safe after Silicon Valley Bank collapse

(WGHP) — The North Carolina Bankers Association released a statement on Tuesday in response to the collapse of Silicon Valley Bank over the weekend.

The NCBA says capital and liquidity levels are strong in NC after regulators acted Sunday to protect all the depositors of Silicon Valley Bank and Signature Bank as well as established a process to make additional funding to eligible depository institutions available to help assure banks have the ability to meet the needs of all their depositors.

The Federal Deposit Insurance Corporation offers depositors ways to recoup losses.

According to the NCBA’s statement:

• The FDIC insures up to $250,000 in eight separate account categories per depositor per bank.
• The FDIC is completely funded by the banking industry.
• The FDIC insurance fund stood at an all-time high of $124.5 billion as of June 2022.
• The FDIC has a $100 billion line of credit with the U.S. Treasury, which would, by law, have to be repaid by the banking industry if ever used. The banking industry is well-capitalized.

Click here to learn if your deposits are protected by FDIC insurance.