Retirement funds for public workers in Ohio lost millions after the Silicon Valley Bank collapsed last week, sending the tech and bank industries into a spiral.
The Columbus Dispatch reported that Ohio’s State Teachers Retirement System took the hardest hit amid the banking crisis. Before the shutdown, the system had shares invested in Silicon Valley Bank worth $27.2 million that made up about 0.3 percent of the system’s total fund, Ohio’s State Teachers Retirement System said in a statement.
The Dispatch reported that the Ohio Public Employees Retirement System had shares that were worth $3.2 million and also shares in Signature Bank worth $2.2 million. The report added that the combined losses only made up 0.0058 percent of the system’s entire portfolio.
The Ohio Police and Fire Fund said on Monday that it did not have direct investments in either Silicon Valley Bank or Signature Bank, which was also shut down over the weekend.
The School Employees Retirement System of Ohio was also affected by bank closures, losing about $929,000 worth of shares in Silicon Valley Bank and $636,983 worth of shares in Signature Bank. The system noted in a press release that the shares lost made up 0.01 percent of its $17 billion fund.
Multiple federal agencies are investigating the collapse of Silicon Valley Bank, which federal regulators took over on Friday. These probes could lead to increased scrutiny of the rest of the banking industry as some lawmakers demand answers and action with regards to banking regulation in the wake of the bank’s failure.