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Silicon Valley Bank Headquarters Sign

Silicon Valley Bank Headquarters Sign

Image creditMinh Nguyen, via Wikimedia Commons
CC BY-SA 4.0 ↗

Silicon Valley Bank Headquarters Sign

Year
2023
Creator
Silicon Valley Bank (founded 1983)
Company
SVB Financial Group
Location
3003 Tasman Drive, Santa Clara, California

Description

This sign stood at the Santa Clara headquarters of Silicon Valley Bank, the main bank of many startups for four decades. California regulators closed the bank on March 10, 2023, and made the FDIC its receiver.

Importance

At the end of 2022, SVB had $209 billion in assets, and most of its deposits came from businesses with venture capital funding. Two days after the closure, federal officials said that all depositors would get access to all of their money. Like the Theranos sanctions letter in this collection, the sign now stands for a famous Valley collapse.

Interesting fact

Customers asked to withdraw $42 billion on March 9, 2023, and the bank ended the day with a negative cash balance of nearly $1 billion.

Sources

  1. Order Taking Possession of Property and Business (Silicon Valley Bank) ↗California Department of Financial Protection and Innovation · 2023-03-10
  2. Recent Bank Failures and the Federal Regulatory Response ↗FDIC · 2023-03-27
  3. Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC ↗U.S. Department of the Treasury · 2023-03-12