BREAKING: California regulators take over and shut down Silicon Valley Bank, one of the tech sector's favorite lenders, amid fear of broader fallout.
to the Securities and Exchange Commission Friday morning that “reiterates [its] continued safety and stability and strong capital and liquidity positions.”The drama started earlier this week when SVB disclosed that itand proposed to offer over $1 billion in shares, all to fundraise for “general corporate purposes.”
That move raised eyebrows among investors who pondered why the bank would need to raise so much money abruptly. It also sparked concerns among depositors, many of whom suddenly wondered whether their money was safe at Silicon Valley Bank — a lender known for helping to finance the explosion of tech companies in the San Francisco Bay Area.
The concerns around the bank are linked to its concentration in the tech sector, an industry walloped by high interest rates and an economic slowdown. Many of SVB’s depositors are tech companies and venture capital funds, and it doesn’t rely on mom-and-pop savings accounts like banks familiar to the average U.S. household.
SVB’s tech-focused strategy has helped it ride the industry’s massive growth leading up to and through the pandemic. But overzealous hiring during the public health crisis has more recently led the
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