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They're not allowing approval of wires via SMS or their app, and no one is picking up the phone there and most numbers are fast busy. Smells deeply bad. I had a
by cdibona 4y ago
They're not allowing approval of wires via SMS or their app, and no one is picking up the phone there and most numbers are fast busy. Smells deeply bad. I had an account at a bank that went under a few decades ago and it took a while for ... bofa? to pick up the pieces.
- pera 4y agoYeah sounds like textbook bank run or cryptocurrency exchange collapse, it's bizarre that this kind of things keep happening every few years.
- Terretta 4y agoIt's bizarre a recurring thing recurs? Particularly when 'venturing' into areas more profitable because of more risk? Here's their loan risk analysis as of EOY: https://i.imgur.com/ZWG157R.jpg https://i.imgur.com/ZWG157R.jpg Don't miss 14% to "innovation economy influencers"…
- pclmulqdq 4y agoWhat's bizarre is that this is a particularly big bank to be going under. Most of the ones that die are tiny because banks have a real economy of scale here. Lehman and Washington Mutual were truly exceptional cases in the 2008 crisis, and SVB may be right there with them in a few weeks.
- Asparagirl 4y ago2008 also had IndyMac and Wachovia[1] and a whole lot of regional banks, which were not small either. [1] which technically didn't fail but had its retail banking operations forcibly absorbed by Citigroup in an overnight shotgun wedding officiated by the FDIC, but hey who's counting
- pclmulqdq 4y agoYou can also add Bear Stearns to that list. Another "rescue" merger of a large-cap bank.
- kragen 4y agomost banks that fail are tiny because most banks are tiny
- icelancer 4y agoWaMu failing was so strange.
- acchow 4y agoGiven there are at least 3 banks in most years (with a handful of years with none), I would say this is actually expected and not bizarre https://www.fdic.gov/bank/historical/bank/ https://www.fdic.gov/bank/historical/bank/
- malermeister 4y agoIs it bizzarre... or just a core feature of capitalism?
- acchow 4y agoCore tradeoff. The feature you get from this is easier and cheaper long term loans
- dx034 4y agoThey're probably already in talks with one of the big guys to take them over.. They still got until Sunday to get regulatory approval and announce it so that they get liquidity on Monday.