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Wasn't silvergate the first failure just days before SVB?
by raziel2701 4y ago
Wasn't silvergate the first failure just days before SVB?
- Scoundreller 4y agoYes and No. Depends how you track "failure" and from which Point of View: > Silvergate Capital Corp.'s voluntary liquidation process is being supervised by the state of California, and the company has not entered the Federal Deposit Insurance Corp.'s receivership program at this point, a spokesperson for the California Department of Financial Protection and Innovation confirmed. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/silvergate-pursuing-voluntary-liquidation-in-california-without-fdic-74692281 https://www.spglobal.com/marketintelligence/en/news-insights... Other banks in the past have "failed", but not from FDIC point-of-view, instead merged into others through a shotgun marriage facilitated by the feds, e.g. Bear Stearns and National City Bank[0] (formerly a top10 US bank until late 2008) [0]https://news.ycombinator.com/item?id=35113816 https://news.ycombinator.com/item?id=35113816