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    SVB collapse could have ripple effects on minority-owned banks

    Four minority founders reflect on the health of minority-owned banks in the U.S. following the sudden collapse of SVB.
    by Destinee Adams Mar 28, 2023 2 minutes
    A security guard looks out a door as customers line up at Silicon Valley Bank headquarters in Santa Clara, California on March 13, 2023.

    The Senate Banking Committee is probing federal regulators this week to understand what led to the largest U.S. banking failure since the 2008 financial crisis and the second-largest ever.

    The data released last week from the federal reserve showed that in the week following the collapse of SVB, small banks lost a total of at least $108 billion.

    Small banks and community-owned financial institutions often work with people of colorSome leaders of these smaller institutions are worried about the future of their businesses, as customers transfer their funds to presumably safer and larger banks. They are also asking the government to step in and provide solutions, and they are urging their customers to continue trusting in their missions and businesses.

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