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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 14, 2023 · Customers withdrew $42 billion in a single day last week from Silicon Valley Bank, leaving the bank with $1 billion in negative cash balance, the company said in a regulatory filing.
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Mar 13, 2023 · The Nasdaq Composite gained 0.5%. The Federal Reserve announced Monday it has launched a review of the supervision and regulation of Silicon Valley Bank following the lender's sudden...
Mar 15, 2023 · By Sunday night, regulators had abruptly shut down Signature Bank to prevent a crisis in the broader banking system. The banks’ swift closures have sent shock waves through the tech industry ...
Mar 10, 2023 · March 10, 2023, 12:00 PM PST / Updated March 10, 2023, 12:54 PM PST. By Rob Wile. Silicon Valley Bank, one of the leading lenders to the tech sector, was shut down by regulators Friday over...
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 10, 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 ...
