China News Service, March 14th, according to the "New York Times" report, two banks in the United States declared bankruptcy within three days, setting the second and third largest failures in the US banking industry, triggering public concerns about a broader financial crisis .

On the 13th local time, the stocks of more than 20 banks plummeted, and people rushed to withdraw money. Banks of all sizes are struggling with market turmoil.

  According to reports, U.S. President Biden issued a televised statement before the U.S. stock market opened on the 13th, saying that the U.S. banking system is safe, and bank customer deposits are also safe. "The government will do whatever is necessary."

On March 13, local time, customers waited in line in front of the headquarters of Silicon Valley Bank in Santa Clara, California, to handle business.

Photo by China News Agency reporter Liu Guanguan

  However, the "reassurance" given by Biden did not seem to work. The stocks of various US banks all fell significantly at the close of the day, and the KBW Bank Index fell by nearly 12%.

  In the face of the banking crisis, banks of all sizes in all regions of the United States are trying to calm customers' concerns, saying that they have the ability to deal with the current situation.

Worried investors, however, fearing more runs, appeared unimpressed by the bank's assurances and dumped bank shares.

  It is reported that "First Republic Bank", the 14th largest bank in the United States, said on the 12th that it could obtain 70 billion US dollars from sources such as the Federal Reserve and JPMorgan Chase, the largest bank in the United States by assets, but its stock price still plummeted 60% on the 13th, once touching $30 — a low not seen since late 2010.

  Westpac, which lends to small and medium-sized businesses, has also sought to allay client concerns about its stability, emphasizing that it has access to $14 billion in cash, securities and credit.

But as of late last week, its customers had withdrawn about $700 million in deposits, and the bank's stock price plummeted 60%. Although it recovered, it was still down 21% from its closing price on the 10th.

  "There's a lot of uncertainty here, but bank investors don't like any uncertainty," said Jason Goldberg, an analyst at Barclays.

On March 13, local time, customers waited in line in front of the headquarters of Silicon Valley Bank in Santa Clara, California, to handle business.

Photo by China News Agency reporter Liu Guanguan

  He pointed out that investors and savers often use market performance as an indicator to assess the financial health of banks, so once they lose confidence in the market, it means a large number of withdrawals from banks, which will drag down the development of the banking industry.

  Smaller banks are said to be particularly vulnerable to financial panics.

Some regional banks—even some with national operations—may not be well-known, but they play a pivotal role in supporting local businesses in each region.

Law firms, real estate developers, veterinary offices, retail stores, restaurants and more could all be affected by a banking crisis.