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Timeline of the collapse of Silicon Valley Bank (SVB)
DateEvent2018Ex-CEO Greg Becker supports the Economic Growth, Regulatory Relief and Consumer Protection Act, enacted in 2018, which reduces the stress testing requirements implemented under the Dodd–Frank Act for banks.2020-2022During the pandemic-era tech boom, SVB's deposit base triples in size. The bank uses a large share of the funds to purchase long-term bonds.Mar. 8, 2023Due to an aggressive series of interest rate hikes by the Fed to combat inflation and macroeconomic issues, the bank announces a loss of $1.8 billion on the sale of their bonds.Mar. 9, 2023Shares of SVB fall 60% in response to investor concern. Depositors, mainly VC firms and tech startups, begin to withdraw their funds from the bank.Mar. 10, 2023The rapid withdrawal of funds puts the bank on the verge of collapse. The FDIC takes over SVB in an effort to protect depositors.Mar. 11, 2023Prominent investors and tech executives criticize a perceived lack of government action to rescue the bank beyond the guaranteed amount of $250k for each account.Mar 13, 2023 · The Federal Reserve announced Monday it has launched a review of the supervision and regulation of Silicon Valley Bank following the lender's sudden implosion. The Fed said the review will be...
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Mar 15, 2023 · Two days after the F.D.I.C. took control of Silicon Valley Bank, New York regulators abruptly closed Signature Bank on Sunday to stymie risk in the broader financial system.
Mar 16, 2023 · Since the failure of Silicon Valley Bank, First Republic has lost more than 70 percent of its market value, despite efforts over the weekend to shore up its finances with $70 billion in emergency ...
Mar 13, 2023 · Silicon Valley Bank, the go-to bank for US tech startups, facing a sudden bank run and capital crisis, collapsed Friday morning, leaving its high-powered customers and investors in limbo. It was ...
Mar 28, 2023 · Banking regulators shut down Silicon Valley Bank, or SVB, on Friday, March 10, after the bank suffered a sudden, swift collapse, marking the second-largest bank failure in US history. Just two ...
Mar 14, 2023 · The Silicon Valley Bank shutdown on Friday became the biggest bank closure since the global financial crisis, but it was not massive in absolute terms: The move to fail it put nearly $175 billion ...
Mar 10, 2023 · Silicon Valley Bank was taken over by federal regulators on Friday, capping a spectacular collapse after the lender suffered a run on deposits.
