Bank that hosts many tech startups collapses

President Joe Biden is asking people to not lose faith in the banking system following the collapse of Silicon Valley Bank (SVB) and Signature Bank over the weekend. The failure of SVB is the second-largest bank failure in U.S. history. Despite this, the federal government is assuring depositors they will be protected and their money is safe. SVB worked closely with startups and loans for tech ventures. Christine Edwards is the founder of Civility Localized, a Charlotte-based business that works with local and state governments to enhance their community engagement. “It was very scary to think that a bank that is hosting so many startups and small businesses, and really any bank… going under like that," Edwards said. "When it's unexpected, it's going to be scary." She said she was on alert after learning of the bank collapse. “I definitely was checking on my bank accounts, and thinking about the next payroll, and the next one after that,” Edwards explained. READ MO