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The bank has officially failed, as per FDIC. "Silicon Valley Bank is the first FDIC-insured institution to fail this year." https://www.fdic.gov/news/press-re
by vishnugupta 4y ago
The bank has officially failed, as per FDIC.
"Silicon Valley Bank is the first FDIC-insured institution to fail this year."
https://www.fdic.gov/news/press-releases/2023/pr23016.html https://www.fdic.gov/news/press-releases/2023/pr23016.html
- swyx 4y ago"first... this year" is it me or is that unintentionally foreboding
- ebiester 4y agohttps://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... Four failed in 2020. Four failed in 2019. None failed in 2022 or 2018. Banks fail fairly regularly, but it's the size of the bank and the types of deposits that are concerning in this case.
- capableweb 4y agoSVB was the biggest bank in Silicon Valley (2nd in California), and the 18th largest bank in the entire US. I knew this whole thing was big as I personally know a lot of friends use SVB for their startups, but I failed to realize how big deal this is. How can the 16th biggest bank in the country fail so rapidly?
- mgdev 4y agoInterest rates.
- paulddraper 4y ago> so rapidly? Bank runs are rapid. They wouldn't be runs if they weren't.
- ok_dad 4y agohttps://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... Most years seem to have a few failed banks, and a lot in the 2008-20011 era, but the past few years don't seem to have as many.