(FDIC), which insures bank deposits, was forced to step in and take over SVB’s $209 billion in assets and $175.4 billion in deposits on Friday morning.
That left the entire company exposed and, ultimately, drained of both capital and banking customers. The Santa Clara, California–based bank and its parent, SVB Financial Group, focused too heavily on crypto and tech startups as well as bond investments sensitive to interest rate hikes. bank failure in history-is a warning to financial companies against placing all your bets on one market-sensitive horse, rather than an indication of a broader systemic problem among banks.
The abrupt implosion of Silicon Valley Bank (SVB) on Friday-the second-largest U.S.
