FDIC – San Jose Inside

First Republic Bank Is Seized by Regulators and Sold to JPMorgan Chase

Barry Holtzclaw — Mon, 01 May 2023 15:15:07 +0000

As part of its deal, all 84 First Republic branches in eight states – including seven in Santa Clara County, 15 in San Francisco, six in San Mateo County, eight in the East Bay and 17 in Southern California – will reopen this morning as JPMorgan branches.

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Federal Regulators Prepare to Seize and Sell First Republic Bank

Barry Holtzclaw — Mon, 01 May 2023 03:53:14 +0000

A Sunday night deadline loomed as JPMorgan and PNC were said to be interested in acquiring the troubled lender after it is seized by the Federal Deposit Insurance Corporation.

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FDIC Says Agreement By SVB To Invest $11B in Communities Died with Bank

Barry Holtzclaw — Fri, 07 Apr 2023 20:16:54 +0000

The March 27 purchase by First Citizens Bancshares of all assets and liabilities of the failed Silicon Valley Bank did not include a community reinvestment pledge signed by SVB in 2021 as part of an acquisiton of Boston Private Bank.

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Silicon Valley Bank Branches Re-Open as First Citizens Bank

Barry Holtzclaw — Mon, 27 Mar 2023 16:16:27 +0000

The Federal Deposit Insurance Corporation, ending its search for a buyer of the failed Silicon Valley Bank, announced late Sunday a government-backed deal in which First Citizens Bancorp will buy the bank's loans and assets.

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Federal Reserve’s Repeated Warnings Were Not Enough to Save Silicon Valley Bank

Barry Holtzclaw — Mon, 20 Mar 2023 15:46:11 +0000

The picture that is emerging of SVB is one of a bank whose leaders failed to plan for a realistic future and neglected looming financial and operational problems, even as they were raised by Fed supervisors.

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The Whole World Was Watching: Five Days in March

Barry Holtzclaw — Wed, 15 Mar 2023 16:00:20 +0000

The shockwaves and aftershocks of the failure of one bank are likely to linger for years, and these tremors will likely change the way companies are built in the future.

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First Republic and Western Alliance Bank Stocks Plummet, as ‘Contagion’ Looms

Barry Holtzclaw — Mon, 13 Mar 2023 17:45:47 +0000

Shares of Western Alliance Bancorp (WAL) – the parent company of San Jose’s Bridge Bank – took an 84% plunge in the first 90 minutes of trading, before rebounding to $23.09 per share by 1:30 EDT.

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Feds Announce That All SVB Depositors Will Get Their Money Beginning This Week

Barry Holtzclaw — Mon, 13 Mar 2023 16:20:56 +0000

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation announced in a joint statement Sunday that all Silicon Valley Bank depositors will have access to all of their money starting Monday, March 13, and that none of these costs will be paid by U.S. taxpayers.

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Making Sense of the Silicon Valley Bank Collapse

Barry Holtzclaw — Mon, 13 Mar 2023 15:00:26 +0000

For most banks, higher interest rates are good news because they can charge more for loans. But for SVB, they hurt.

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Silicon Valley Bank Paid Bonuses Just Before Feds Shut It Down

The Fly — Mon, 13 Mar 2023 12:45:38 +0000

Insiders told a business news network that the Santa Clara-based bank has historically paid employee bonuses on the second Friday of March.

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