SANTA CLARA, California — Federal officials moved to insure all deposits at failed Silicon Valley Bank, hoping to inoculate the banking system against contagion, but shares of another Bay Area regional bank plunged on Monday.
Scores of customers lined up outside the Santa Clara headquarters of the fallen Silicon Valley Bank on Monday to await the opening of the financial firm’s doors. Officials began to allow customers into the bank at 10 a.m.
One of those was Bob, a San Jose resident who asked that his last name wasn’t used. Bob, whose expertise is in financial services, said all of his money was at the bank, which was able to meet his requirements. Bob said he endured an anxious few days after he heard on Friday that the bank had collapsed and was seized by the FDIC.
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