3-13-23, Update #4: Shares drop in several banks in the wake of Silicon Valley Bank’s collapse last week:
Update #3: 3-12-23, Silvergate Capital, a central lender to the crypto industry, said on Wednesday that it’s winding down operations and liquidating its bank. The stock plunged more than 36% in after-hours trading. Silvergate has served as one of the two main banks for crypto companies, along with New York-based Signature Bank . Silvergate has just over $11 billion in assets, compared with over $114 billion at Signature. Bankrupt crypto exchange FTX was a major Silvergate customer.Silvergate has been struggling for months. In addition to laying off 40% of its workforce in January, the firm reported a nearly $1 billion dollar net loss in the fourth quarter following a rush for the exits at the end of last year that saw customer deposits plummet 68% to $3.8 billion. To cover the withdrawals, Silvergate had to sell $5.2 billion dollars of debt securities. More from CNBC here Update #2: 3-12-23: NYPost -- The federal government Sunday announced the failure of a second bank with deep ties to the tech industry — as regulators rushed to try to stem the losses caused by last week’s collapse of Silicon Valley Bank.Manhattan-based Signature Bank — a key financial institution for the cryptocurrency industry — was shut down over a “similar systemic risk exception,” according to a joint statement from the heads of the US Treasury, Federal Reserve and Federal Deposit Insurance Corp. Officials reported that Silicon and Signature depositors will be made whole, but the banks’ shareholders and unsecured debtors will not be protected. More here Update: 3-12-23, MarketWatch -- On Saturday, 3-12-23 U.S. financial regulators said Silicon Valley Bank [SVB] customers will have access to all their money on Monday, 3-13-23 days after SVB failed. Announcing new steps, the Treasury Dept, Federal Reserve and Federal Deposit Insurance Corp said their moves would “ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.” The FDIC will be able to complete its resolution of Silicon Valley Bank SIVB, -60.41% “in a manner that fully protects all depositors, no losses will be borne by U.S. taxpayers." Full report here Hedge Fund Manager, Bill Ackman Predicts Economic Bank Meltdown after Silicon Valley Bank Collapse
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