SVB has a branch in West Conshohocken. The ripple effects from Friday's collapse were certainly felt in our backyard.
"I wouldn't say that lives were on the line, but certainly livelihoods were on the line," Christopher Molineaux, president and CEO of Life Sciences Pennsylvania, a statewide trade association that represents almost 900 organizations."I spoke with a lot of our member companies over the weekend.
"The banks are also buying securities, so they are taking your money and they're buying securities to grow their revenue. You want to be sure that they're buying securities where you have your money is in a bank where your money can be liquidated or where you can access it. I think the big picture take away is have a contingency plan and pay more attention to where you have your money," said Molineaux.
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JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
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SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
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SVB Financial mulls strategic options, hires restructuring veteranDefunct startup-focused lender SVB Financial Group said on Monday that it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.
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Signature Bank becomes next casualty of banking turmoil after SVBState regulators closed New York-based Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.
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Biden to defend US banking system after SVB, Signature collapsePresident Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank and Signature Bank threatened to trigger a broader systemic crisis.
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Goldman analysts no longer expect Fed rate hike in March after SVB failureGoldman Sachs' analysts on Sunday said they no longer expect the U.S. Federal Reserve to deliver a rate hike at its March 22 meeting with considerable uncertainty about the path beyond March, in light of the recent stress in the banking sector.
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