Silicon Valley Bank Fails - Fallout May Be Far Reaching

Roku tumbles in after-hours trading after saying that 26% of its cash and cash equivalents were held at Silicon Valley Bank and “does not know to what extent the Company will be able to recover its cash on deposit at SVB.”

Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.
California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors.
The FDIC, an independent government agency that insures bank deposits and oversees financial institutions, said all insured depositors will have full access to their insured deposits by no later than Monday morning. It said it would pay uninsured depositors an “advance dividend within the next week.” CNN's Matt Egan reports CNN 03/10/2023

California Bank is Seized by US in 2nd-Largest Failure of a US Bank

https://archive.vn/IbFxR
https://archive.vn/byq70

Yellen Says Treasury Is Monitoring ‘a Few’ Banks Amid SVB Fallout
https://archive.vn/URPc5

CEO of failed Silicon Valley Bank no longer a director at SF Fed
https://archive.vn/o5ClM

Roku says 26% of its cash reserves are stuck in Silicon Valley Bank
https://archive.vn/NUTKb

SVB collapse is 2nd-largest bank failure in US history - When Fractional Reserve Banking Fractures
https://rumble.com/v2ckgvy-svb-collapse-is-second-largest-bank-failure-in-us-history-fractional-reserv.html