But SVB customers should continue to use their current branch until they hear from First Citizens. Why almost everyone failed to predict Silicon Valley Bank's collapseĪnd the KBW Nasdaq Bank Index, which had lost more than 20% since the start of the banking crisis, was up 4% in early trading Monday before moderating to a 2% gain later in the morning.Īs of Monday, 17 branches of SVB will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” First Citizens said. The Federal Deposit Insurance Corporation seized the assets of the bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. People stand outside of an entrance to Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023.
0 kommentar(er)
