Tag: Silicon Valley Bank

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UPDATE: Banking Kerfuffle: First Republic Shares Dropped Sharply Friday Rattling the Market

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the staff of the Ridgewood blog

Ridgewood NJ, shares of First Republic dropped sharply Friday as hopes dimmed for a rescue deal that could keep the bank afloat. First Republic Bank shares fell a whopping 43% in regular trading. Then, as a news report foretold a potential future in receivership for the ailing California lender, its shares collapsed again. US officials have been coordinating talks to rescue First Republic, with the Federal Deposit Insurance Corp., the Treasury Department and Federal Reserve said to be orchestrating meetings about throwing it a lifeline. But some of the biggest US banks, which have already contributed $30 billion in deposits to prop up First Republic, have balked at the prospect of throwing good money after bad.

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First-Citizens Bank & Trust Company, of Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bank

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the staff of the Ridgewood blog

Washington DC, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First-Citizens Bank & Trust Company, Raleigh, North Carolina.

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Two-Thirds of Voters Expect SVB Bailout to Cost Taxpayers

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the staff of the Ridgewood blog

Ridgewood NJ, while administration officials insist the rescue of Silicon Valley Bank is not a “bailout,” most voters think taxpayers will be on the hook and wealthy investors will benefit.

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FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, California

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the staff of the Ridgewood blog

Washington DC,  the Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank.

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Silicon Valley Bank Shut Down by Regulators Marking the Biggest Bank Failure Since the 2008 Financial Crisis

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the staff of the Ridgewood blog

Ridgewood NJ, regulators shut down Silicon Valley Bank on Friday, marking the biggest bank failure since the 2008 financial crisis and sending shockwaves across the tech world. The Federal Insurance Corporation (FDIC) created a National Bank of Santa Clara to hold deposits and other assets of the failed Silicon Valley Bank, but the abrupt closing is impacting tech firms that face immediate effects, like ensuring employees get paid. More than 93 percent of the $161 billion deposited at Silicon Valley Bank is not insured by the FDIC, according to a Bloomberg News analysis.

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