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The FDIC took over after SVB’s efforts to raise around $2 billion from investors failed. The lender has been hit by both a drop in deposits and a fall in the value of $91 billion in bonds it bought at the worst possible moment, just before interest rates began rising. It sold a chunk this…
At least 10 European VC funds have told their founders to pull funds out of Silicon Valley Bank. That follows prominent US investors telling their firms to get their money out through Thursday. The tech lender was plunged into crisis after a $21 billion firesale of its bond portfolio. Silicon Valley Bank’s woes spread overseas…
Silicon Valley Bank, or SVB, collapsed on Friday, sending shock waves through the tech industry, which often turned to SVB for startup lending. It’s the largest bank collapse since 2008, though its downfall was a classic scenario: SVB was suddenly upside down on its books, investors caught wind, and a run on the bank followed….
LATEST March 10, 3:10 p.m. Rippling relied on Silicon Valley Bank to process its customers’ employee paychecks, but when the bank suddenly collapsed, the human resources startup had to quickly pivot. The firm’s CEO, Parker Conrad, posted an update Friday afternoon, saying that though SVB’s systems indicated that payments were processed, money hadn’t actually gone…
Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced Friday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago. The collapse of SVB, a key player in the tech and venture capital community, leaves companies and…
Download this press release (PDF) SAN FRANCISCO – The California Department of Financial Protection and Innovation (DFPI) announced today that, pursuant to California Financial Code section 592, it has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency. The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank….
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The chief executive of Silicon Valley Bank SIVB, -60.41% cashed out stock and options for a $2.27 million net gain in the weeks before Friday’s collapse, public filings show. CEO Greg Becker exercised stock options — meaning he paid money to convert his options into stock — and then immediately sold the stock on Feb….
Few banks are as close to the industries they serve as Silicon Valley Bank is to the technology world. An industry mainstay since the 1980s, the bank veers far from the course of conventional financial institutions. Part lender, part consultant, part cheerleader and part investor, Silicon Valley Bank has been a nursemaid to countless start-ups…