Federal banking regulators are preparing to release a post-mortem on the collapse of Silicon Valley Bank, whose implosion last month set off a panic among depositors and investors that, even six weeks later, has left the finance industry reeling. SVB is now owned by N.C.-based First Citizens Bank.
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SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last month, has announced that two of its top executives have left their jobs.
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Democratic lawmakers sent letters to 14 of the largest depositors at Silicon Valley Bank, seeking details about the lender’s “unusually cozy” relationships with its well-heeled clients.
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The Federal Reserve’s bank supervisors warned Silicon Valley Bank’s management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said Tuesday, but its managers failed to take the steps necessary to fix the problems.
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I’m speaking at tech events in Europe this week, and I’m seeing mentions of this “Raleigh-based” or “North Carolina-based” acquisition Silicon Valley Bank (SVB). Determined not to miss out on the buzz, I contacted Scot Wingo and Jason Caplain to ask them what they thought of the news.
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Silicon Valley Bank is now owned by Raleigh-based First Citizens Bank. What does that mean for our area? Investors and startup ecosystem leaders weigh in.
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Silicon Valley Bank – now in most part owned by North Carolina-based First Citizens Bank – imploded due to mismanagement and a sudden panic among depositors, a top Federal Reserve official plans to tell lawmakers at a hearing on Tuesday.
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North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.
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Late Sunday, Raleigh-based First Citizens Bank acquired the failed Silicon Valley Bank in a deal with the FDIC. Here’s a look at how the bank collapsed.
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