The bank's 40-year reign came to an end within 48 hours due to a panic brought on by the very venture capital community that SVB had supported and served."Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver," read FDIC's"To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara .
A reputable bank that had expanded alongside its technological clients saw a swift collapse as a result. Payroll issues are more complicated than simply gaining access to frozen cash because many of those services are provided by independent contractors that were collaborating with SVB.Ryan Gilbert, founder of venture firm Launchpad Capital. "No one has the answer."
The tech sector worries that some businesses could have trouble paying their employees while that procedure is still in progress.
Don't worry fellow CEOs and board members, your performance bonuses will be paid first out of whatever large bailout the government gives from taxpayer funds.
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SVB Collapse: Silicon Valley Bank is biggest US bank failure since 2008 crisisSilicon Valley Bank is the biggest US bank failure since Washington Mutual during the 2008 financial crisis I thought they said it was the second biggest bank failure in history (not surprising, with inflation). You mean 'looting'
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