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Greater Washington banks, companies rush to contain fallout from bank failures

March 14, 2023
three round gold-colored coins on 100 US dollar banknotes

Greater Washington banks and tech companies rushed Monday to contain the fallout from two large bank failures in recent days, assuring clients and investors that their money is safe and that their exposure to the collapsed banks is limited. Local banks emphasized on Monday that their business models are fundamentally different than those of Silicon Valley Bank in Santa Clara, California, and Signature Bank in New York, which catered to niche industries and were shut down by regulators days after they suffered massive outflows of deposits.

Article Source: Washington Business Journal

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