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Regulators Shut Down Major Tech Bank After Run On Savings
Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.
Silicon Valley Bank collapsed after customers sought to withdraw funds due to the company's lackluster balance sheet and overall difficulties in the startup sector.
SVB announced a $1.75 billion share sale on Wednesday after the company suffered heavy losses from the liquidation of a $21 billion bond portfolio, raising concerns among venture capital firms and startups with ties to the company about the safety of their assets. SVB, the 16th largest bank in the United States and the largest in Silicon Valley, lends to nearly half of publicly traded venture-backed technology and healthcare companies.
The Federal Deposit Insurance Corporation said on Friday that SVB was closed by the California Department of Financial Protection and Innovation. Insured depositors will have access to funds by Monday morning, according to a press release from the government-backed firm, while uninsured depositors can expect an advance dividend in the next week.
"At the time of closing, the amount of deposits in excess of the insurance limits was undetermined," the entity said. "The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers."
The implosion of SVB would mark the largest bank failure since Washington Mutual collapsed in late 2008, according to Axios.
Startups have been especially pressed for funds amid the macroeconomic turmoil that has marked the past several months, introducing additional financial pressures for the company. SVB Financial Group CEO Gregory Becker previously said in a letter to investors that "client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted," according to a report from Reuters.
Shares for SVB declined more than 60% this week before authorities halted trading for the company's stock on Friday morning. Shares for First Republic Bank have also declined more than 23% this week, while shares for JPMorgan Chase and Bank of America declined 6% and 10% respectively as investors worry about contagion in the broader financial sector.
SVB told multiple clients on Thursday that wire transfers could be delayed, while the company's customer support services were largely unavailable, according to a report from The Information. One founder was told by a customer support agent that "systems are down" and "wires are backed up," although others were able to withdraw funds.
SVB maintains some $209 billion in consolidated assets, according to data from the Federal Reserve. Venture capital firms such Founders Fund, Coatue Management, Union Square Ventures, and Founders Collective exhorted portfolio companies to remove their assets, according to a report from Bloomberg, while Sequoia Capital reiterated its diversification policy.
Becker told clients to "stay calm" during a brief call with investors on Thursday afternoon.
Pershing Square Capital Management CEO Bill Ackman had said on Thursday that the federal government should consider offering a bailout package to SVB. He asserted that the failure of the company could "destroy an important long-term driver of the economy" and suggested that "the dominoes" may "continue to fall" if other banks face sudden demand for withdrawals.
The administrations of former President George W. Bush and former President Barack Obama previously introduced government bailouts for commercial and investment banks during the Great Recession, during which financial institutions were overexposed to subprime mortgages.
poll#164
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Silicon Valley Bank collapsed after customers sought to withdraw funds due to the company's lackluster balance sheet and overall difficulties in the startup sector.
SVB announced a $1.75 billion share sale on Wednesday after the company suffered heavy losses from the liquidation of a $21 billion bond portfolio, raising concerns among venture capital firms and startups with ties to the company about the safety of their assets. SVB, the 16th largest bank in the United States and the largest in Silicon Valley, lends to nearly half of publicly traded venture-backed technology and healthcare companies.
The Federal Deposit Insurance Corporation said on Friday that SVB was closed by the California Department of Financial Protection and Innovation. Insured depositors will have access to funds by Monday morning, according to a press release from the government-backed firm, while uninsured depositors can expect an advance dividend in the next week.
"At the time of closing, the amount of deposits in excess of the insurance limits was undetermined," the entity said. "The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers."
The implosion of SVB would mark the largest bank failure since Washington Mutual collapsed in late 2008, according to Axios.
Startups have been especially pressed for funds amid the macroeconomic turmoil that has marked the past several months, introducing additional financial pressures for the company. SVB Financial Group CEO Gregory Becker previously said in a letter to investors that "client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted," according to a report from Reuters.
Shares for SVB declined more than 60% this week before authorities halted trading for the company's stock on Friday morning. Shares for First Republic Bank have also declined more than 23% this week, while shares for JPMorgan Chase and Bank of America declined 6% and 10% respectively as investors worry about contagion in the broader financial sector.
SVB told multiple clients on Thursday that wire transfers could be delayed, while the company's customer support services were largely unavailable, according to a report from The Information. One founder was told by a customer support agent that "systems are down" and "wires are backed up," although others were able to withdraw funds.
SVB maintains some $209 billion in consolidated assets, according to data from the Federal Reserve. Venture capital firms such Founders Fund, Coatue Management, Union Square Ventures, and Founders Collective exhorted portfolio companies to remove their assets, according to a report from Bloomberg, while Sequoia Capital reiterated its diversification policy.
Becker told clients to "stay calm" during a brief call with investors on Thursday afternoon.
Pershing Square Capital Management CEO Bill Ackman had said on Thursday that the federal government should consider offering a bailout package to SVB. He asserted that the failure of the company could "destroy an important long-term driver of the economy" and suggested that "the dominoes" may "continue to fall" if other banks face sudden demand for withdrawals.
The administrations of former President George W. Bush and former President Barack Obama previously introduced government bailouts for commercial and investment banks during the Great Recession, during which financial institutions were overexposed to subprime mortgages.
poll#164
Latest State and Federal
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The United States Supreme Court has already ruled equal representation of counties in state legislatures to be unconstitutional.
Published: Saturday, April 1st, 2023 @ 4:39 pm
By: John Locke Foundation
Search Terms: john locke john locke foundation supreme court equal representation senate bill county |
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Former President Donald Trump will be arraigned in a Manhattan courthouse on Tuesday afternoon after being indicted this week, court officials said on Friday.
Published: Saturday, April 1st, 2023 @ 9:47 am
By: Daily Wire
Search Terms: president donald trump manhattan courthouse trump attorney joe tacopina rd trmps mr-a-lgo |
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Louisiana Republican lawmakers gained a significant upper hand after a longtime Democrat switched parties.
Published: Saturday, April 1st, 2023 @ 9:28 am
By: Daily Wire
Search Terms: daily wire louisiana republican lawmaker democrat switch party representative francis thompson |
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Leftist billionaire George Soros denied that he knows or has donated money to Manhattan District Attorney Alvin Bragg, who indicted former President Donald Trump on Thursday, but the prosecutor's campaign efforts were assisted by a group which Soros funds.
Published: Saturday, April 1st, 2023 @ 9:20 am
By: Daily Wire
Search Terms: leftist billionaire george soros manhattan district attorney alvin bragg rd trmps mr-a-lgo |
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Billionaire investor Warren Buffett reportedly spoke with Biden administration officials in recent days about contending with the banking crisis.
Published: Saturday, April 1st, 2023 @ 8:56 am
By: Daily Wire
Search Terms: daily wire billionaire investor warren buffett biden administration bank investment |
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On Thursday, the state Senate passed House Bill 40, Prevent Rioting and Civil Disorder, a bill that would increase penalties for damaging property while rioting.
Published: Saturday, April 1st, 2023 @ 8:56 am
By: Carolina Journal
Search Terms: carolina journal bill discourage riot governor roy cooper bipartisan support house bill 40 |
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Former New Jersey Republican Governor Chris Christie doubts an indictment would benefit former President Donald Trump’s 2024 election chances.
Published: Saturday, April 1st, 2023 @ 8:49 am
By: Daily Wire
Search Terms: daily wire new jersey republican governor chris christie doubt donald trump 2024 election indictment |
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Top Republicans from around the country responded to the news that former President Donald Trump has been indicted by a Manhattan grand jury by saying that the case was an example of political persecution.
Published: Saturday, April 1st, 2023 @ 2:02 am
By: Daily Wire
Search Terms: president donald trump manhattan grand jury |
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The N.C. Supreme Court has rejected a friend-of-the-court brief in the Harper v. Hall redistricting case from Gov. Roy Cooper and Attorney General Josh Stein.
Published: Saturday, April 1st, 2023 @ 1:45 am
By: Carolina Journal
Search Terms: carolina journal supreme court governor roy cooper attorney general josh stein redistricting rehearing |
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Manhattan District Attorney Alvin Bragg released a statement Thursday evening confirming that former President Donald Trump has been indicted and that plans are being made for him to surrender.
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Entrepreneur Vivek Ramaswamy, a 2024 candidate for the Republican presidential nomination, decried the prospect of former President Donald Trump being indicted.
Published: Saturday, April 1st, 2023 @ 1:22 am
By: Daily Wire
Search Terms: daily wire entrepreneur vivek ramaswamy 2024 candidate republican donald trump |
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Florida Governor Ron DeSantis quickly responded to news on Thursday that former President Donald Trump has been indicted by a Manhattan grand jury by calling into question the legitimacy of the case and saying that the state will not assist an extradition request.
Published: Saturday, April 1st, 2023 @ 12:48 am
By: Stan Deatherage
Search Terms: florida governor ron desantis former president donald trump |
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Gov. Roy Cooper unveiled his plan Wednesday that will put $1 billion into addressing North Carolina’s mental health and substance use crisis.
Published: Saturday, April 1st, 2023 @ 12:41 am
By: Carolina Journal
Search Terms: carolina journal governor roy cooper mental health substance abuse drugs |
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