LUBBOCK, Texas – Lubbock-area banks reacted to President Biden’s national address Monday regarding the collapse of two major banks. Local banks wanted to assure customers that conditions for those two banks are not like the conditions locally.
According to an article from the Associated Press, President Biden urgently reassured the public that, “Americans can have confidence that the banking system is safe.”
Biden said the government quickly assessed the situation and provided an immediate solution to console Americans and current bankers.
To further assure the public regarding the issue stated, Biden said on Monday, “…Rest assured, rest assured they’ll be protected and they’ll have access to their money as of today.”
Banks in Lubbock responded by guaranteeing their client’s bank safety.
PlainsCapital Bank reported that, “Customers have come to know the Bank is here for them as a reliable partner during uncertain times.”
During stressful periods of market volatility, PlainsCapital Bank said it would be able to meet its customers’ needs because of its strong financial condition.
Vista Bank wrote a statement reacting to the issue and reassured the public that Vista employees and managers are focused on protecting their clients’ assets.
John D. Steinmetz, CEO of Vista Bank reported that the Vista Bank Team was ranked No. 21 out of 610 banks.
“…2022 was the strongest year in the Bank’s 111-year history,” said the statement.
Steinmetz was confident that clients can trust Vista Bank to keep their assets safe.
City Bank sent out a statement providing its customers comfort that said, “We have a credit team consistently monitoring our portfolio to look for weaknesses.”
The company pays close attention to what happens locally and nationally.
People’s Bank also announced that it is a community bank and, “remains well capitalized and well positioned to continue to serve our customers and communities.”
People’s Bank also stated that, “No one has ever lost a dime of FDIC- insured deposits up to $250,000.”
Biden emphasized the assurance and protection of banks and will “get the full accounting of what happened and why those responsible can be held accountable,” reported the Associated Press.
Biden also said he will press “for better oversight and regulation of larger banks.”