Governor confident Kentucky banks are 'solid,' amid banking system jitters
With bank failures rattling the market, Kentuckians might be wondering about the outlook for banks in the commonwealth. Thursday, Gov. Andy Beshear had reassuring words for those who do their banking in the commonwealth.
The collapse of Silicon Valley Bank in California and the ripple effects are on the radar of officials in Kentucky.
Gov. Andy Beshear said the bankers he’s spoken with believe the state’s bank are “solid” and urged listeners to share that confidence.
"We don't have a bank like Silicon Valley Bank in Kentucky. The banks that we have operate very differently, most all of which are regulated by the federal government or the state and I have confidence in our banks and people should have confidence in our banks," Beshear said Thursday. "Nobody should panic because people panicking, I believe, is the only threat that our banks here in Kentucky face and the only way that we could harm our own deposits."
Insured banks are supported by the Federal Deposit Insurance Corporation, or FDIC, and deposits up to $250,000 per account are insured. If your money is in a credit union, you are insured by the National Credit Union Share Insurance Fund.