The collapse of the Silicon Valley Bank, which catered to the tech industry, caused some near-misses for startups across the country, including in San Antonio.
SVB was put under the Federal Deposit Insurance Corporation’s control after a bank run by panicked depositors. Two days later, the Federal Reserve, US Treasury Department, and Federal Deposit Insurance Corporation decided toat Silicon Valley Bank, as well as New York’s Signature Bank, which was seized on Sunday.
“It did mean that, ‘Hey, we have customers that need to wire us payments. We have vendors that we pay electronically through SVB,’ and all of that plumbing would have to get reworked if in fact the bank failed. And so, you know, it was more trepidation on sort of the mechanics of day-to-day running of the business and never about were we going to lose all our money,” Nieves told KSAT on Tuesday.
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Silicon Valley Bank’s failure has San Antonio tech companies scrambling for cashLocal companies are trying to get their money out of the bank to make payroll and meet payments due to suppliers and for rent.
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Biden admin guarantees Silicon Valley Bank deposits, shutters N.Y. bank in bid to head off crisisThe Biden administration said it would guarantee all deposits at the now-shuttered Silicon Valley Bank but insisted the move was not a taxpayer-funded bailout, while regulators closed a second institution, New York City’s Signature Bank, amid fears of an unfolding economic crisis.
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Signature Bank shut down in connection with Silicon Valley Bank collapseFederal regulators said Sunday Signature Bank has been shuttered, marking the second massive bank failure after the collapse of Silicon Valley Bank last week.
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Silicon Valley Bank Clients Can Fully Access Funds After FDIC Creates New Bridge BankSilicon Valley Bank's assets have been successful transferred, meaning services will operate as normal from Monday, regulator FDICgov has said. Reports jackschickler.
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