Silicon Valley banking struggles to have very little impact in Wisconsin

Published: Mar. 16, 2023 at 10:43 PM CDT
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STEVENS POINT, Wis. (WSAW) - Treasury Secretary Janet Yellen went to capitol hill Thursday to quiet concerns about the current banking situation in the country after what happened in New York and Silicon Valley.

Experts say the banks here are safe and that what happened in New York and California are isolated situations.

Regulators across the country are working hard to restore confidence in the banking sector. Here in Wisconsin, banks use a different business model than that of New York and California banks which failed.

“Much more diversified in our loans and the reflection of Wisconsin’s economy so if our local communities are strong the local banks are strong,” said Daryll Lund, executive vice president, Wisconsin Bankers Association.

Jason Glisczynski, a certified planner and CEO of Silver Tree Retirement Planning in Stevens Point believes people who deposit in Wisconsin shouldn’t worry in this case. “There’s no cause for widespread panic. We will know more as time progresses, but I don’t see anything at this point that is going to directly impact consumers here locally in central Wisconsin,” added Glisczynski.

He said it’s tough to predict if this recent banking crisis could have a ripple effect through the banking industry in the future. “You may see some additional costs for local banks for their FDIC insurance which may trickle down to the consumer level.”

“Make sure you have your own financial plan in order. We’re going to have movements in the market, lots of things happen historically and will continue to happen moving forward so just having a well thought out plan is very important,” said Glisczynski.

If you have any questions or for more information, contact your bank or financial provider.