2/2/23 “Silvergate Faces US Fraud Probe Over FTX and Alameda Dealings” (Bloomberg)
3/8/23 “Silvergate Capital Corporation Announces Intent to Wind Down Operations and Voluntarily Liquidate Silvergate Bank” (Company press release)
3/10/23 “Silvergate Capital and SVB Financial, the parent of Silicon Valley Bank, stunned investors this week as their stocks plunged and news broke that the two banks were shutting down….Silicon Valley Bank catered to venture-capital firms and tech startups, many of which saw their fortunes rise during the stock boom in 2021. The bank’s assets and deposits almost doubled in 2021.Regulators shut down the bank Friday after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital.”
3/11/23 “The United States financial system has been rattled by the collapse of Silicon Valley Bank (SBV) and Silvergate Bank within 48 hours as economic uncertainty prevails. Therefore, some financial sector players project that the situation will likely worsen in the coming days.”
By Dr. Dannielle Blumenthal (Dossy). All opinions are the author’s own.
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