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The Latest Breaking News from FDIC

Silicon Valley Bank biggest US lender to fail since 2008 financial crisis – a finance expert explains the impact

Silicon Valley Bank, which catered to the tech industry for three decades, collapsed on March 10, 2023, after the Santa Clara, California-based lender suffered from an old-fashioned bank run. State regulators seized the bank and made the Federal Deposit Insurance Corporation its receiver.

The Conversation

Shockwaves rock US tech and finance sectors as Silicon Valley Bank goes belly-up

US regulators have seized Silicon Valley Bank's assets, marking the largest failure of a financial institution since the height of the GFC

The New Daily

Michael Hiltzik: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours

All banking crises throughout history have shared a common element: Short-term depositors try to withdraw their money from institutions locked into long-term assets.

Los Angeles Times

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Here's what it looked like outside Silicon Valley Bank after it shutdown

The failure of one of the largest commercial banks in the U.S. left people frantically figuring out next steps Friday morning.

Fortune

Why did Silicon Valley Bank fail?

Shutdown and takeover of bank by regulators can be traced to the Fed raising interest rates and risk-averse investors

The Guardian - US

How did the tech world's biggest bank collapse in under a week?

The tech and VC sector's most reliable lender collapsed literally overnight. How did that happen?

Fortune

Startup founders are reeling as their Silicon Valley Bank funds are in limbo: ‘Our heads are spinning’

Founders who spoke with Fortune are frantically trying to untangle when they’ll get any money back—and how long they can make payroll.

Fortune

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A Silicon Valley lender collapsed after a run on the bank. Here's what to know

Silicon Valley Bank was taken over by federal regulators on Friday, capping a spectacular collapse after the lender suffered a run on deposits.

WEKU

US regulator closes failed bank and seizes its assets

A US regulator has shut Silicon Valley Bank and appointed the Federal Deposit Insurance Corporation as the receiver.

The New Daily

This weekend is everything for Silicon Valley Bank and its customers

The next three days will determine if the situation escalates from an inconvenience to a crisis for SVB clients, most of which are businesses that need to meet payroll.

Axios

Silicon Valley Bank just sucked all the oxygen out of SXSW

Just as Silicon Valley entrepreneurs were landing in Austin for the annual South by Southwest celebration, the startup industry's primary bank collapsed.

Fortune

Silicon Valley Bank swiftly collapses after tech startups flee

Silicon Valley Bank became the biggest U.S. lender to fail in more than a decade after a tumultuous week that saw an unsuccessful attempt to raise capital and a cash exodus from the tech startups that had fueled the lender’s rise.

Tribune News Service

Silicon Valley Bank collapses in second-biggest US bank failure ever

Largest bank collapse in 15 years, since global financial crisis

The Independent UK

SVB cash crunch highlights $620 billion hole in banks’ balance sheets

The spike in interest rates has been devastating for the value of their securities portfolios, meaning many carry around billions in unrealized losses that could pose a problem if funding dries up.

Fortune

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The Independent UK

Silicon Valley Bank seized by FDIC as depositors pull cash

The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis

Evening Standard

Silicon Valley Bank collapses and enters receivership after tech firms pull funds

Silicon Valley Bank has been closed by California regulators after tech firms scrambled to withdraw funds from the business.

Axios

U.S. government takes control of Silicon Valley Bank

This is the largest bank failure since Washington Mutual in 2008.

Fortune

Top crypto bank collapses as Silvergate announces plans to wind down operations

The volatile sector's banking options are dwindling.

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Fortune

Crypto’s favorite bank is on the brink. What happens if Silvergate fails?

Silvergate's collapse is a cautionary tale to the industry—and to regulators.

Fortune

7 key items you need to open a savings account

Most banks and credit unions will require your ID, proof of address, and date of birth.

Fortune

Want to invest in mutual funds? Here are the different types to know about

Mutual funds allow investors to lower their risk by investing in a basket of assets but not every mutual fund is the same. Here are the different types of mutual funds and how they work.

Fortune

Interest rate isn’t everything: How to compare money market vs. savings accounts

APY is important, but you should also consider how easily you can access your funds when comparing the two account types.

Fortune

Should you bank with Chime? Our 2023 review

The fintech company has checking and savings accounts but no money market or CDs.

Fortune

A guide to banking with PurePoint Financial

Penalty-free CDs but limited account options and steep deposit requirements.

Fortune

In a banking industry first, neobank Cogni adds noncustodial Web3 wallet

Digital bank Cogni appears to be the first FDIC-insured bank to offer a noncustodial wallet to customers.

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