The Kansas Bankers Association has issued a statement on the closures of banks in California and New York. The statement says that Kansas Banks maintain strong capital levels and maintain record levels of loan loss reserves, which is an additional buffer for potential shocks to the economy. They emphasize that in its 88 year history, no one has ever lost a penny of an insured deposit. The FDIC insures funds in bank deposits accounts up to $250,0000 and Kansas Bankers work to insure levels above that minimum
They say the banks that closed, appear to be “Outliers” and are not reflective of the norm–or financial strengths –of banks across Kansas and all of America. They say bankers know their customers and take pride in working with them to invest in economic growth and prosperity for the State. They encourage all customer that have any questions to contact their banks, or contact the Banker Association.
