Silicon Valley Bank Shares Plunge | IT'S HAPPENING!!!! | 2nd Biggest Bank Collapse In U.S. History Collapsed In Just 48 Hours

Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (FDIC) has been appointed receiver, becoming the first FDIC-backed institution to fail this year.

The news comes amid a crisis at parent SVB Financial Group SIVB, , which lost a record 60% of its value on Thursday, after it disclosed large losses from securities sales and announced a dilutive stock offering along with a profit warning. The FDIC said all insured depositors will have full access to their accounts no later than Monday morning. Uninsured depositors will get a receivership certificate and may be entitled to dividends once the FDIC sells the bank’s assets.

Silicon Valley Bank holds $173B of deposits.

Fed interest rate is at 4.57%

SVB's $117B of securities (MBS) yield 1.56-1.66%

This is causing a bank run

If enough VC / tech cos pull their money,

—SVB may be bankrupt

—Many startups may be wiped out

—Crash may cause a recession!

https://www.thegatewaypundit.com/2023/03/breaking-california-regulators-close-silicon-valley-bank-fdic-named-receiver-ceo-allegedly-sold-3-5-million-in-stock-in-last-two-weeks/

https://rumble.com/v2ckc4e-silicon-valley-bank-shares-plunge-its-happening-.html