JEFFERSON CITY, Mo. – Following the collapse of Silicon Valley Bank (SVB), Missouri Treasurer Vivek Malek is reassuring residents that the Show Me State’s financial institutions are safe.

Silicon Valley Bank, founded in October 1983, was the 16th-largest bank in the United States before going belly up on March 10, 2023, following a $42 billion bank run from its wealthiest investors. The bank was placed into receivership with the Federal Deposit Insurance Corporation (FDIC), which will navigate a possible sale.

Malek visited with officials from the St. Louis Federal Reserve to discuss the impact of SVB’s collapse and inquire about a possible ripple effect in Missouri.

On Thursday, the state treasurer said Missouri had no investments in Silicon Valley Bank, and that the St. Louis Fed informed him state banks “are in a good position.”

“It’s important to remind Missourians that their deposits in Federal Deposit Insurance Corporation (FDIC)-insured banks and credit unions are federally protected up to $250,000,” Malek said.