SD State Treasurer confident state’s bank won’t collapse like some other banks

PIERRE, S.D.(WNAX)- The failure of Silicon Valley Bank in California and worries about First Republic Bank have created some nerves over the banking industry.

South Dakota State Treasurer Josh Haeder says they have full confidence in the state’s bank, First Premier of Sioux Falls.

Haeder says they have good communication with First Premier.

Individual deposits are protected by the FDIC. Haeder says the state money is protected in other ways.

Haeder says they see average cash flows of fifty to one hundred million dollars a day in and out of the bank.