SPRINGFIELD, Ill. (WTVO) — The Illinois Bankers Association issued a reassurance to state residents, saying two major bank collapses in other states will not affect those in Illinois.

Both Silicon Valley Bank in California and New York Signature Bank were taken over by the Federal Deposit Insurance Corporation (FDIC) over the weekend, President Joe Biden announced on Monday.

Customers will be secured through FDIC, but the banks’ investors will not, Biden said.

“They knowingly took a risk and when the risk didn’t pay off, investors lose their money,” the president said. “That’s how capitalism works.”

Illinois Bankers Association Vice President of Government Relations Ben Jackson told The Center Square that Illinois banks are insulated against failures in other states, saying that changes made after the housing and banking crisis of 2008 have helped.

“A banker wants their customer to feel secure that their deposits are going to be insured and that they’re going to be available when they need them,” Jackson said.