Treasurer: West Virginia safe from bank collapses

CHARLESTON, W.Va (WDTV) - West Virginia is reassuring taxpayers that they are safe from the collapse of Silicon Valley Bank or others that have recently gone under.

State Treasurer Riley Moore said West Virginia works with well-respected investment management firms and public dollars are invested safely.

“I want our taxpayers to rest assured we did not have any funds or holdings invested in Silicon Valley Bank or the two other high-profile bank failures, Silvergate and Signature Bank,” Treasurer Moore said. “Our Board of Treasury Investments works with well-respected investment management firms and maintains a rigorous credit process and extremely conservative approach with our investments. Our citizens can have confidence their public dollars are invested in a safe and secure fashion.”

Nonetheless, Moore said they are keeping a lose eye on the situation, further saying he believes regional and community banks across the state are unaffected.

“I have absolute confidence in the regional and community banks that serve our state,” Treasurer Moore said. “These banks are based in our communities and do a tremendous job of protecting consumer and business assets and managing risk in the interest rate markets.”

Moore said the Silicon Valley Bank collapse was an extreme circumstance that left that bank and those closely tied to it especially vulnerable.