Last week’s collapse of Silicon Valley Bank and Signature Bank send shock waves across the banking industry after both were shut down by the Federal Deposit Insurance Corp. In the wake of those failures, a noted accounting firm offers strategies and best practices that real estate leaders can employ to secure their portfolios during time of institutional instability.
EisnerAmper, one of the largest accounting, tax and business advisory firms in the US – with more than 3,000 employees and 300 partners across the country – released guidance after the bank failures. Robert D. Katz, managing director of EisnerAmper Financial Advisory Services Group, and Lisa Knee, a tax partner and national leader of the firm’s real estate practice and the National Real Estate Private Equity Group, jointly offered the tips.
What is the FDIC and what does it protect?
The response comes after the FDIC shut down the aforementioned banks on Friday, March 10, that led to the banks’ closures. While the government did provide bailout funding on deposit side, EisnerAmper officials noted, real estate leaders need to take a “deep dive“ to consider the impact. Moreover, leaders should position themselves to better navigate the next crisis, officials added.
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