Keesler Federal Credit Union reassures depositors in midst of recent bank collapses

BILOXI, Miss. (WLOX) - High-profile bank failures have dominated the news and created concerns that more could come in the future, but officials say there’s nothing to worry about.

According to Keesler Federal Credit Union CFO Sam Sohl, the bank collapse in California is a very specific case and has nothing to do with the overall health and wellbeing of the banking industry. He adds that industry is very strong.

If you’re worried that your bank is going to collapse along with some other high-profile institutions, don’t be.

“Some of the banks that have failed recently had exposure to very specific industries,” said Sohl. “So, their depositors or their deposit bases weren’t as diversified as, for example, a larger institution like a Bank of America, J.P. Morgan or even, for that reason, Keesler does.”

In addition, Sohl says Keesler and other institutions have strong oversight and strong internal controls that were lacking in those that failed.

“Our deposit base is very, very diversified,” he said. “You know, we don’t cater to a specific industry like some of these banks that have failed. We cater to the regular people, the common household.”

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