The collapse of Silicon Valley Bank (SVB) and subsequent takeover by Federal regulators sparked concern in the banking industry causing the DOW to lose 500 points early Wednesday. Jim Plagge, the CEO of Bank Iowa explains what happened, why it happened, and what impact this will have on Iowans.
Plagge explains why record deposits in 2021 meant banks across the country were flush with cash. Why SVB and other banks invested that cash into treasury bonds and mortgage-backed securities, and how rate increases and large cash withdrawals led to a perfect storm.
Plagge also explains FDIC Insurance caps, how to protect yourself, steps you can take if you have more than 250k, and why Iowa may be insulated from banking challenges. He also has a great argument for why you should use local community banks.
Learn more at https://iowapodcast.com/bank-iowa-jim-plagge-svb
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