“Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds.
“Friend’s startup had $20M in bank, couldn’t get it out.” “Lot of people I know lost their $,” one frantic tech entrepreneur told The Post in a Friday text message. Uninsured deposits, meanwhile, totaled a whopping $151 billion as of Dec.
Shut in times full#
The FDIC on Friday said insured depositors will “have full access to their insured deposits no later than Monday morning.” The feds added that SVB’s official checks will “continue to clear” despite the closure. CEO Greg Becker had urged investors on a Thursday conference call to “stay calm” and not “panic” - but jittery clients were already scrambling to yank large balances in excess of the FDIC’s $250,000 insured cap. SVB’s finances went south at warp speed after it disclosed a $1.8 billion loss on its bondholdings this week. Silicon Valley Bank - a 40-year-old lender to startups and venture capitalists - became the second-biggest bank casualty in US history as it was abruptly shut down on Friday by the California Department of Financial Protection and Innovation, which placed its remaining assets under the Federal Deposit Insurance Corp.’s control.
The sudden collapse of a little-known, California-based tech lender fueled market chaos on Friday and sparked fears of a wider contagion that some experts worry could upend the US banking sector. NY Community Bank inks deal to buy failed Signature Bank for $2.7B Zuckerberg’s alleged brutality on full display in leaked email to Facebook worker: ‘Please resign’Ī teardown in this pricey California enclave has listed for $13.8Mįirst Republic shares plunge 18% amid doubts over $30B rescue plan
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