--

Typically when banks fail, their deposits are assumed by another bank and the depositors don't lose any money - the new bank takes them on. But here it was a race against the clock that the FDIC was unable to find a buyer over the weekend.

But yes, probably a lot of business owners thinking about their deposits today. And as someone who is an advocate for community banking, I hope that the fears don't spread.

--

--

Anna Burgess Yang

Freelance Writer. Practical Tips for Solopreneurs. Career pivots are fun. 🎉 https://annabyang.start.page/