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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 · Stocks closed mixed on Monday after a volatile trading day as investors mulled over federal regulators’ plan to stymie effects from the collapse of Silicon Valley Bank and Signature Bank.
Mar 15, 2023 · Shares of U.S. regional banks plummeted on Monday, as investors tried to get a handle on the sudden collapse of Signature Bank and Silicon Valley Bank. First Republic Bank took the...
Mar 14, 2023 · The collapse of Silicon Valley Bank (SVB), which courted Chinese start-ups, has caused widespread concern in China, where a string of founders and companies rushed to appease investors by...
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.
Mar 16, 2023 · The Federal Reserve has just announced the first data for usage of the emergency loan program it unveiled on Sunday to shore up the banking system after the collapse of Silicon Valley Bank.
On March 10, 2023, Silicon Valley Bank (SVB) failed after a bank run, marking the third-largest bank failure in United States history and the largest since the 2007–2008 financial crisis. [1] [2] It was one of three bank failures, along with Silvergate Bank and Signature Bank, in March 2023 in the United States.
Mar 13, 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....
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 14, 2023 · As Silicon Valley Bank welcomed its 2022 class of interns in New York, a planned multimillion-dollar renovation of its Midtown Manhattan office was on pause, a former employee said.
Mar 10, 2023 · Silicon Valley Bank became the biggest U.S. bank failure in more than a decade, after its long-established customer base of tech startups grew worried and yanked deposits.
