After SVB Collapse, Regional Banks Hustle to Protect Their Reputation
Previously published on March 16, 2023 in
By Ewan Larkin, Reporter at PRWeek
To say it’s been a turbulent week in the banking sector would be selling it short.
SVB’s 48-hour collapse on Friday was the second-largest failure of a financial institution in American history, sending the federal government into a panic. Two days later, state officials closed New York-based Signature Bank, adding fuel to the fire.
Federal regulators quickly eliminated the cap on Federal Deposit Insurance, guaranteeing depositors from the aforementioned banks kept all their money.
At financial PR firm Vested, U.S. CEO of professional services Amber Roberts’ team has tracked filings, public statements, tweets and posts from exposed companies and those that needed to address their level of exposure, including highly impacted industries such as tech, healthcare and crypto.
Vested also monitored banks and financial institutions that were experiencing stock volatility or receiving media attention on the potential “contagion risk” to the industry.
“That was critically important data for my clients to have as they made decisions about their communications,” Roberts adds.
It’s equally important, Roberts says, to think like a customer when considering what and how much to communicate. The strategy may vary when addressing a commercial, retail or private bank customer, for example.