Some feeling ripple effects of Silicon Valley Bank failure

Some local companies are concerned after two banks failed in the last few days. U.S. regulators closed Silicon Valley Bank (SVB) Friday and Signature Bank Sunday, becoming the second and third largest bank failures in U.S. history. Robert McDonald, the Chair of Taft's Cincinnati Business and Finance Group said at least 20 of his clients had money in SVB. "It was a very scary and traumatic weekend," he said. "It was one of those times when you question the very fundamentals of the market." Many, including McDonald's clients spent part of the weekend wondering if they'd have access to their money. By Sunday, the federal government had assured depositors they'd be able to withdraw their money Monday. Monday, President Biden worked to ease concerns.