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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.Silicon Valley Bank is the financial partner of the innovation economy; helping individuals and investors in the innovation ecosystem achieve extraordinary outcomes.
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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.
Mar 17, 2023 · In March 2023, Silicon Valley Bank was shut down by the California Department of Financial Protection and Innovation. Learn why this bank collapsed and what it means for you.
Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group , a publicly traded bank holding company that had offices in 15 U.S. states and over a dozen international jurisdictions.
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 10, 2023 · Silicon Valley Bank, one of the leading lenders to the tech sector, was shut down by regulators Friday over concerns about its solvency. The move caused a wider sell-off in stocks and sparked...
Mar 13, 2023 · After Silicon Valley Bank’s stunning collapse became the second-largest bank failure in US history, many customers are wondering if their money is safe. Here are the answers to some...
