Search results
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.
Discover more placesNear Columbus, OH
Related businesses
Mar 13, 2023 · London CNN —. Silicon Valley Bank collapsed with astounding speed on Friday. Investors are now on edge about whether its demise could spark a broader banking meltdown. The US federal...
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 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 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 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.
SVB Startup Banking is designed for founders. We are experts in business banking for startups with connections, advice and solutions available, as you work to reach the next round faster. Explore different ways to help support, build and grow your startup.
