BREAKING: FDIC APPOINTED RECEIVER OF SILICON VALLEY BANK.
We knew there were problems at SVB, but this is *exceptional* for a few reasons:
FDIC rarely, rarely fails banks during business hours. We usually see this at COB on Fridays, so this must have been extremely dire.
We knew there were problems at SVB, but this is *exceptional* for a few reasons:
FDIC rarely, rarely fails banks during business hours. We usually see this at COB on Fridays, so this must have been extremely dire.
Second: the FDIC does not like to be appointed receiver when a bank fails. This process is expensive, and the Deposit Insurance Fund will need to pay.
The FDIC prefers to identify a buyer who will absorb the bank and customers. Underscores just how fast this failure happened.
The FDIC prefers to identify a buyer who will absorb the bank and customers. Underscores just how fast this failure happened.
"At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers." fdic.gov/news/press-rel…
Bloomberg's @ElleBeyoud and @kjspeakstruth reported an hour ago that FDIC and Fed officials visited the bank yesterday. That was a good, good indicator that shit was about to break bad.
https://twitter.com/ElleBeyoud/status/1634224718684225536?t=EIjK5UVuOHm85uBl_hrtdg&s=19
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