SVB Financial's surprise deposit drop causes mayhem with Silicon Valley lender
Posted on AllSides March 10th, 2023
From The Center
No matter how good a company may be, if the ground holding up its business shifts, it’ll suffer or even fail. This appears to be the case with SVB Financial Group SIVB, , as the parent company of Silicon Valley Bank was closed today by the California banking regulators, with the FDIC in receivership. The Federal Deposit Insurance Corp. renamed the bank Deposit Insurance National Bank of Santa Clara as it took control of SVB Financial on Friday. The stock remained halted on Friday after dropping 60% in regular trading...
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