President Joe Biden sought to reassure Americans over the country's financial system Monday as more US banks and leading European lenders were hammered amid contagion worries.
Silicon Valley Bank -- a key lender to startups across the United States since the 1980s -- collapsed after a sudden run on deposits, prompting regulators to seize control Friday.
On Sunday night, US federal authorities stepped in to protect all depositors at SVB, and regulators took over a second troubled lender.
"Americans can have confidence that the banking system is safe," Biden said in a brief White House address. "Your deposits will be there when you need them."
But there were immediate signs of pressure at additional US lenders.
San Francisco-based First Republic Bank shares plunged around 62 percent, while Ohio-headquartered KeyCorp lost 27 percent and Zion Bancorporation lost 26 percent.