The surprise collapse of Silicon Valley Bank last week marked the second-largest bank failure in U.S. history.
says the state will provide emergency assistance to New Jersey companies affected by the collapse of Silicon Valley Bank, a California-based financial institution that last week became the second-largest bank failure in U.S. history.
Hundreds of New Jersey-based companies were facing a cash crunch after the bank’s failure, according to Tim Sullivan, Chief Executive Officer of the state’s Economic Development Authority. “We did some aggressive outreach over the weekend,” Sullivan told NJ Advance Media, adding that these businesses were facing “a real, immediate crisis.”
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Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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Bank of London bids to acquire Silicon Valley Bank's UK armThe Bank of London is leading a consortium of private equity firms seeking to purchase SVB's arm in the United Kingdom.
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