Silicon Valley Bank staff offered 45 days of work at 1.5 times pay

imploded after depositors, concerned about the lender’s financial health, rushed to withdraw their deposits. The frenetic two-day run on theblindsided observers and stunned markets, wiping out more than $100 billion in market value for USin the United States at the end of last year, with about $209 billion in assets and $ing with FDIC to stabilize the situation as quickly as possible,” California Governor Gavin Newsom said in a statement.

The lender’s main office in Santa Clara, California and its 17 branches in California and Massachusetts will reopen on Monday, the FDIC said in a statement on Friday.‘s former parent group, said on Saturday that its business would not be directly impacted by

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Silicon Valley Bank is largest failure since financial crisis, billions strandedCalifornia banking regulators close Silicon Valley Bank and appoint the Federal Deposit Insurance Corporation as receiver for later disposition of its assets.
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Silicon Valley Bank is largest failure since 2008 crisis, billions strandedStartup-focused lender SVB Financial Group became the largest bank failure since the financial crisis on Friday, March 10, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors.
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