Des Moines, IA (Radio Iowa)– One of Iowa’s top banking officials is working to assure those concerned about their finances that state’s banks are stable following the recent collapse to two national financial institutions.

Ron Sorensen is the President and CEO of the Iowa Bankers Association. He says there is nothing to worry about since Iowa banks are run much differently than those that failed.

He says the banks in question also had issues with their security portfolios.

Sorensen adds Iowa banks are typically relationship-based with the biggest depositors being local companies and manufacturers, small businesses and those in the agriculture industry.

Iowa banks are considered to be well capitalized and highly liquid while also be backed by FDIC insurance.