TYLER, Texas — Local bankers are not concerned about banks in the East Texas community failing after bank issues across the nation.
Christopher Williston, president of the Independent Bankers Association of Texas said the factors that made those two banks in California and New York shut down were driven by the tech industry, which isn’t typical in Texas.
"I've talked to a lot of bankers around the state of Texas in East Texas today. And I can tell you that they're not worried about a similar situation," Williston said.
Williston said in East Texas all banks have federal deposit insurance corporations or FDIC, which will typically protect your checkings and savings accounts.
"In the event of a failure that depositors are almost entirely taken care of our banks in the state of Texas, even those that are really heavy and business banks have a very low percentage of uninsured deposits," Williston said.
He also states banks in Texas have tools in place to ensure that deposits larger than the insured amount by the FDIC of $250,000 per depositor are protected.
Williston said community banks play a huge role in communities like East Texas, which rely on small businesses.
"They protect those funds and they treat them almost as if they're their own, because they are the deposits of their neighbors, the people they go to church with people that they see and live with every day," Williston said.
Experts said to not act on your fear when making financial decisions.
"When you're talking about your finances. Always seek wise counsel, and always do your research," said CEO of the Better Business Bureau of Tyler Mechele Mills.