Silicon Valley Bank has been shut by the FDIC
The California Department of Financial Protection and Innovation shut Silicon Valley Bank on Friday, the regulator said in a statement, capping off a rapid collapse for the firm.
"To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara . At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank," the regulator said in a statement. Shares of the Santa Clara-based financial firm crashed 87% over two days as fears of a bank run escalated this week. Early Friday, trading was halted for the stock, and according to CNBC, SVB hadThe crisis dragged on other bank stocks including JPMorgan, Bank of America, and Wells Fargo. Regional lenders, too, like First Republic, Signature Bank, and PacWest also sold off.
In a Friday note, Bank of America strategists said the sector-wide tumult points to the realization among investors that a higher interest rate environment is negative for earnings."We believe that the sharp sell-off in bank stocks yesterday was likely overdone as investors extrapolated idiosyncratic issues at individual banks to the broader banking sector," the strategists wrote.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Silicon Valley Bank shut down; FDIC creates new bank to protect insured depositorsThe Federal Deposit Insurance Corporation (FDIC) has seized the assets of Silicon Valley Bank Friday, the largest bank to fail since the 2008 financial meltdown, The Associated Press reported.
Baca lebih lajut »
Silicon Valley Bank seized by FDIC, marking largest shutdown of a US bank since 2008Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis.
Baca lebih lajut »
Silicon Valley Bank seized by FDIC, marking largest shutdown of a US bank since 2008BREAKING: The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual in 2008.
Baca lebih lajut »
Silicon Valley Bank seized by FDIC, marking largest shutdown of a US bank since 2008Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis.
Baca lebih lajut »
Silicon Valley Bank seized by FDIC, marking largest shutdown of a US bank since 2008Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis.
Baca lebih lajut »
Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
Baca lebih lajut »