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Local Financial Institutions React to California Bank Failures


 Silicon Valley Bank collapsed on Friday after a run on deposits drove the Northern California institution into insolvency, marking the largest bank failure since the financial crisis.

 SVB’s downfall sparks fears that other small and regional banks could face similar pressure amid soaring interest rates and shrinking deposits. President Biden says the nation’s financial systems are safe, seeking to project calm following the collapse of two banks that prompted fears of a broader upheaval.

 The president says he’ll press for better oversight and regulation of larger banks. And he promised no losses would be borne by taxpayers.

 Locally, Coffeyville's Community State Bank's COO and Executive VP Julie Voelker, says financial institutions in this area are strong.

 Other financial institutions and lenders, including Charles Pilkington with Regent Bank, and Kim Moyer, President and CEO of Bartlesville region Arvest Banks, has a strong and diverse deposit base, with funding options available with the Federal Home Loan Bank of Dallas, the Federal Reserve, and other private sources.

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