CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$26,482.00
  • ethereum
    ETH$1,844.45
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Silicon Valley Bank Has a New Owner: Will Resume Work Today

    Silicon Valley Bank Has a New Owner: Will Resume Work Today

    Author: George Georgiev

    Last Updated Mar 27, 2023 @ 06:09

    Silicon Valley Bank has a new owner, and its offices will open on Monday, March 27th.

    Nearly 3 weeks after SVB unceremoniously collapsed, it seems the U.S. authorities have finally found a buyer to take over and revive the bank.

    SVB, the bank that powered much of the startup culture ever-present in the Bay Area and beyond, collapsed following a bank run once it became apparent that trouble was brewing for the bank. Peter Thiel and other savvy investors advised their networks to pull their funds out of the bank, prompting a domino effect that left SVB in FDIC receivership.

    Potential Buyer Smaller Than SVB

    Unlike Signature, another bank that collapsed around the same time but was quickly bought out by Flagstar, Silicon Valley Bank’s collapse was messy enough that nobody wanted to touch it for weeks.

    However, according to a press release by the FDIC, there is a buyer in the face of First Citizens BancShares, Inc., a bank based in North Carolina.

    Although FirstCitizens is technically one of the biggest banks in the U.S., it is far smaller than SVB was before its collapse.

    While SVB held $209 billion in assets and $172 billion in deposits, CNBC reports that First Citizens holds about $109 billion in assets and total deposits of $89.4 billion.

    The deal will see SVBs assets sold at a hugely discounted price.

    “Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion. Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC.”

    According to a Bloomberg report, Valley National Bancorp had also reportedly been bidding on SVB, although further details regarding the bid were kept under wraps.

    Bankers Fear Turmoil Is Barely Starting

    News of SVBs’ acquisition reached traders in Europe and APAC before the markets opened, who acknowledged the news but also cautioned against an overly optimistic outlook.

    According to Shayne Elliot, the CEO of the Australia and New Zealand Banking Group, a larger financial crisis is still on the table.

    “It’s clearly not over. I don’t think you can sit here and say, ‘Well, that’s all done, Silicon Valley Bank and Credit Suisse, and, you know, life will go back to normal. These things tend to roll through over a long period of time.”

    It remains to be seen whether the bailout of the three big banks to fail so far will be enough of a stopgap, or if the effects of these collapses will trigger a larger crisis.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    Tags: Banks
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

  • bitcoin
    BTC$26,482.00
  • ethereum
    ETH$1,844.45
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!