Sen. Manchin highlights importance of small banks

Published: Mar. 14, 2023 at 3:41 PM EDT
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WASHINGTON (WDTV) - In the wake of the largest banking collapse since the 2008 financial crisis, Senator Joe Manchin (D-WV) is highlighting the importance of small, rural community banks.

Silicon Valley Bank, the 16th largest bank in the country, collapsed on Friday following a bank rush.

That collapse has Senator Manchin highlighting the need for smaller community banks, saying much of rural America and all of West Virginia depend on them.

”From 2009 to present, you could have put all of the small banks out of business, and they’re still servicing very well in their communities,” Sen. Manchin said. “So rather than say you made a mistake — if you made a mistake, trying to make something, improve something that works for rural America — 66 million people live in rural America. My entire state, all 55 counties, all 1.8 million people, are living in a rural area. They depend on a community bank, a smaller community bank. And if not, you know, I want to make sure they have the services they need. But we’ll make adjustments if needed.”