NEW YORK, March 12 — US authorities were preparing “material action” today to shore up deposits in Silicon Valley Bank and stem any broader fallout from its collapse,...
NEW YORK, March 12 — US authorities were preparing “material action” today to shore up deposits in Silicon Valley Bank and stem any broader fallout from its collapse, sources familiar with the matter told Reuters.
The Federal Deposit Insurance Corporation , which was appointed receiver, was trying to find another bank willing to merge with SVB, people familiar with the matter said on Friday.“We want to make sure that the troubles that exist at one bank don’t create contagion to others that are sound,” Yellen told the CBS News Sunday Morning show.
With US$209 billion in assets, the Santa Clara, California-based lender was the 16th largest US bank, making the list of potential buyers who could pull off a deal relatively short, they said on condition of anonymity. “The good news is it is unlikely an SVB-style bankruptcy will extend to the large banks,” risk and financial advisory firm Kroll said in a research note.
“These withdrawals will drain liquidity from community, regional and other banks and begin the destruction of these important institutions,” Ackman, who said he does not have direct exposure, warned.
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