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INVESTORS, DEPOSITORS TRIED TO PULL $42 BILLION FROM SILICON VALLEY BANK,
THURSDAY


IN A MAJOR EVENT INVESTORS AND DEPOSITORS TRIED TO PULL $42 BILLION FROM SILICON
VALLEY BANK ON THURSDAY IN ONE OF THE BIGGEST US BANK RUNS IN MORE THAN A
DECADE, ACCORDING TO A FRIDAY REGULATORY FILING.

ByBizz Buzz|11 March 2023 2:07 PM IST


X


Investors, depositors tried to pull $42 billion from Silicon Valley Bank,
Thursday

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In a major event investors and depositors tried to pull $42 billion from Silicon
Valley Bank on Thursday in one of the biggest US bank runs in more than a
decade, according to a Friday regulatory filing.

At closing hours of business on March 9, the bank had a negative cash balance of
$958 million, according to an order taking possession of the bank filed Friday
by California’s bank regulator, the Department of Financial Protection and
Innovation.








The order shines light on the scale of the bank run faced by the lender, which
was placed into Federal Deposit Insurance Corp. receivership by the state
regulator. The scale of attempted withdrawals was so large that the bank ran out
of cash and ways to get it.




When the Federal Reserve sent its cash letter — a list of checks and other
transactions for the bank to process - to SVB, it failed to pull together enough
currency to meet it, according to the California regulator.




“Despite attempts from the bank, with the assistance of regulators, to transfer
collateral from various sources, the bank did not meet its cash letter with the
Federal Reserve,” the order from Commissioner Clothilde Hewlett said.


#banking #Business #FDIC #Silicon Valley #SVB collapse 




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