Lt. Gov. Tregenza A. Roach, who also serves as the chairman of the Virgin Islands Banking Board, assures the public that financial institutions in the territory are well-capitalized and have adequate liquidity.

“There is no concern that we are faced with or expect regarding the Silicon Valley Bank being closed and any trickledown effect. The territory’s banks are stable. In April of last year, senior representatives of each bank met with the V.I. Banking Board and provided comprehensive reports on the state of each banks’ finances. Since then, we have received updates and additional reports that provide a strong financial outlook,” Roach said in a news release.