Interest rate hikes & bank failures raises concerns about banking industry

PIERRE, S.D.(WNAX)- Years of interest rate hikes and several regional bank failures have raised concerns about the banking industry.

South Dakota Bankers Association President Karl Adam says confidence in banking is critical.

Adam says the long string of interest rate hikes is creating stress in the industry.

Adam says consumers should have confidence in their local bank.

Adam says most bankers expect the Federal Reserve to pause their string of interest rate hikes at least for a few months.