* Silicon Valley Bank was shuttered by financial regulators on Friday morning
* The bank in Santa Clara, California had been the 18th largest bank in the US
* FDIC says insured deposits up to $250,000 will be available by Monday
Silicon Valley Bank has been seized by financial regulators after a run on deposits tipped the bank into collapse, in the largest US bank failure since the Great Recession in 2008.
California state regulators shuttered the bank on Friday, and the Federal Deposit Insurance Corporation (FDIC) immediately took control of the bank's $209 billion in assets and $175.4 billion in deposits.
The bank based in Santa Clara, California had been the 18th largest bank in the US, and primarily catered to the tech startups and wealthy entrepreneurs of Silicon Valley.
Read more ....
WNU Editor: This collapse involves $209 billion in assets and $175.4 billion in deposits. Of the $174 billion in deposits, $151.5 billion are uninsured!!!!! Not surprising. Contagion fears are growing .... Silicon Valley Bank meltdown sparks contagion fears: ‘We found our Enron’ (NYPost).
Update: People are panicking .... Silicon Valley Bank's Manhattan branch calls COPS on investors trying to pull their cash out as Boston tech CEO with $10M in bank describes 'worst 18 hours of my life': Lender is SEIZED by regulators in largest US bank failure since Great Recession (Daily Mail)
Update #2: Other banks are facing problems .... Yellen says Treasury Department 'carefully' watching crisis at 'a few banks' (Yahoo Finance). See the video below:
Major U.S. Bank Has Collapsed In Largest US Bank Failure Since The Great Recession
Silicon Valley Bank Fails After Run by Venture Capital Customers -- New York Times
Silicon Valley Bank is seized by US after historic failure -- AP
Banking regulators shutter SVB, move quickly to avert crisis -- Reuters
Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis -- CNBC
Silicon Valley Bank collapses after failing to raise capital -- CNN
Game Over: FDIC Shutters Silicon Valley Bank, Appoints Receiver -- Zero Hedge
Analysis: Californian tech bank SVB sows global fear about rising cost of money -- Reuters
Explainer: What caused Silicon Valley Bank's failure? -- Reuters
10 comments:
Gold price has responded accordingly. I wonder if this the start of the big “break” in the system that will serve as the catalyst for the FED to pause and even pivots on its interest rate hikes.
Democrat mess
1 month ago jim cramer was on cnbc pumping this bank.
Deja vu.
That’s right, no kidding
good good very good keep it up 666 will rise u fools
isnt gov insurance socialism
who is the moron that blames the Dems for a bank's failure
there are govt regs
there are state regs
that other party has always wanted fewer govt regulations...not sure? research
6:54 is a simpleton
There is downsize, undersize, oversize and right size.
Note that 5:54 is the poet laureate of the simple fools.
Don't mock it. It took 16 long years to become such a laureate.
this retard above is simply a stupid fool. go forth and sin no more.
hit the mark and the mark squealed
Annymous at 4:44- Remember, whatever Jim Cramer pumps do the opposite. He is a financial disaster.
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