In the past few months, significant changes in the banking sector have been observed, notably at Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. These transitions have sparked concerns of a potential wider recession on the horizon, reminiscent of the financial crisis of 2008 triggered by a similar pattern of bank collapses.

Despite the alarming parallels, it’s important to remember that the current financial ecosystem is equipped with stricter regulations and safeguards than what was available in 2008, adding an additional layer of protection to the financial system.

Additionally, smaller regional entities like PacWest Bancorp and Western Alliance Bancorp in California, are reportedly feeling the squeeze, primarily due to the fallout from SVB’s issues. There have been indications of emerging struggles in other regional banks like Comerica and KeyCorp as well.

However, it’s crucial to reiterate that as long as your banking institution is FDIC insured and your account holds $250,000 or less, your deposits are protected and backed by the FDIC and the government. The same level of security applies to deposits in credit unions with NCUSIF insurance. So, in the unlikely event of a bank or credit union failure, if they were insured by FDIC or NCUSIF, your funds would be returned to you.

To ensure your peace of mind during these times, you can confirm your bank’s insurance status by either contacting your local branch or checking their website for FDIC or NCUSIF insurance.

Finally, the recent market shifts may prompt questions about the impact on your retirement plans. Our team of Financial Architects is ready to help you navigate these uncertain times. We can assist you in designing a retirement portfolio that factors in the current economic volatility and leans towards more resilient strategies. If you would like to discuss your particular circumstances, call our office at (435)773-9444 to schedule a complimentary review of your financial situation.

Stay assured that we are dedicated to safeguarding your financial interests and navigating these uncertainties together.


  1. FDIC: Bank Failures in Brief
  2. The banking crisis isnโ€™t over. But how bad will it get? | AP News
  3. NCUA: What It Is And How It Keeps Your Money At Credit Unions Safe (


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