ND Bankers Association CEO says state banks are “solid”

BISMARCK, N.D. (KVRR) — The President of the North Dakota Bankers Association says, despite the recent failure of two banks, the U.S. banking system is sound.

Rick Clayburgh says the failures regarding the second and third largest bank failures since 2008 involving Silicon Valley Bank and Signature Bank are isolated.

He adds they likely involve a management issue that has not “rippled” into North Dakota.

“The issue in California is probably unique and even in New York was unique to our whole banking industry. Depositors really should be very confident here in North Dakota and across the Midwest. Their banks are safe and sound and secure and their deposits in their banks are well-protected,” Clayburgh said.

Clayburgh says lenders across North Dakota cater to serving customers as a majority of banks are agriculture related.