Video shows customers lining up outside a Silicon Valley Bank location in Menlo Park, California, on Friday. The bank was seized by California regulators after it went insolvent as customers rushed to access their deposits.
A person from inside Silicon Valley Bank, middle rear, talks to people waiting outside an entrance to Silicon Valley Bank in Santa Clara, California, Friday, March 10, 2023. The Federal Deposit Insurance Corporation seized the assets of the bank on F
Y Combinator CEO Garry Tan called SVB's collapse was an "extinction-level event" for startup tech companies. "I literally have been hearing from hundreds of our founders asking for help on how they can get through this. They are asking, ‘Do I have to furlough my workers?’" Tan told the Associated Press. The declining value of technology stocks and industry layoffs contributed to the bank's failure. on Friday morning, after already falling 60% on Thursday. SVB had sold off $1.75 billion in shares to compensate for declining customer deposits.
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Silicon Valley Bank closed by California regulator and FDIC named receiverSilicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (FDIC)...
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Silicon Valley Bank closed by California regulatorSilicon Valley Bank has closed by order of the California Department of Financial Protection and Innovation
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Silicon Valley Bank shut down by California regulatorUninsured depositors will receive an advance dividend within the next week and a receivership certificate for the remaining amount of their uninsured funds, according to the release.
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California regulator takes over Silicon Valley BankThe California Department of Financial Protection and Innovation announced Friday that it “has taken possession of Silicon Valley Bank citing inadequate liquidity and insolvency.”
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