Vicki Brackens on Inspiration for the Nation – It’s a Wonderful Life – Episode 199

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The Network Journal award for 25 Influential Black Women in Business- 2018 honoring women whose professional achievements have significantly impacted an industry or profession, and who also made an important contribution to her community. Typically, a business owner, or a partner, president, CEO, board chair, or other senior management executive with significant decision-making authority in the corporate, nonprofit, or government sector.

Centerstate CEO’s Business of the Year award 2018 (in partnership with the Upstate Minority Economic Alliance) in the minority-owned business category -These member businesses stand out among an incredibly competitive field of nominees for their outstanding success and role that they play in strengthening the community….(read more)

LEARN MORE ABOUT: Bank Failures

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3 Things to Consider with the Recent Bank Failures

In recent times, the banking industry has witnessed a series of failures that have left customers and investors concerned about the stability of financial institutions. These bank failures have brought to light significant issues that both individuals and businesses should consider for their financial well-being. In this article, we will explore three crucial factors to take into account concerning the recent bank failures.

1. Signature Bank’s Merger:
One of the recent notable bank failures is the acquisition of Signature Bank by Silicon Valley Bank. Signature Bank had served as a critical organization maintaining relationships with many high-profile customers, including established businesses and influential individuals. However, the bank’s inability to recover from a severe financial downturn led to its merger with Silicon Valley Bank. This event highlights the importance of assessing a bank’s financial health and history when considering establishing a banking relationship. It serves as a reminder that even long-standing institutions with reputable clientele can fall victim to poor financial management.

2. The Effect on Depositors:
Bank failures can have significant implications for depositors, including individuals and businesses. While most banks are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, it is crucial to consider the implications of a failed bank beyond the insured amount. For instance, when a bank fails, depositors may face disruptions in accessing their funds, which can have severe consequences for individuals and businesses dependent on immediate liquidity. Moreover, even if depositors are eventually repaid by the FDIC, there may be delays in retrieving their funds. Therefore, it is vital to diversify accounts across multiple banks to mitigate the risk associated with individual bank failures.

3. Reviewing Current Banking Relationships:
In light of recent bank failures, it is prudent to review existing banking relationships and analyze their stability. This evaluation should not be limited to evaluating the current financial position of the bank but should also focus on its long-term viability. Assessing the bank’s financial performance over time, considering factors like profitability, asset quality, and capital strength, will provide valuable insights into its ability to weather future financial storms. Additionally, reviewing the bank’s risk management practices and the quality of its corporate governance can offer a clearer picture of its ability to adapt to changing market conditions.

In conclusion, the recent bank failures have raised concerns and underscored the importance of considering various factors when entrusting our money to financial institutions. Signature Bank’s merger with Silicon Valley Bank emphasizes the need for due diligence when forming banking relationships, regardless of a bank’s previous reputation. The effect on depositors and the potential disruptions in accessing funds necessitate diversifying accounts across multiple institutions. Lastly, reviewing the financial health, risk management practices, and governance of existing banking relationships is essential to ensure stability and minimize potential risks. By considering these three crucial factors, individuals and businesses can make informed decisions regarding their financial well-being in an uncertain banking landscape.