Silicon Valley Bank restarts operations Depositors: Feeling like hell and returning to the world

Silicon Valley Bank restarted operations today, and some depositors said that since the 10th, they have returned to the world in a feeling of hell; however, despite the government’s rapid action, market confidence is still insufficient. First Republic Bank, which was named as a fragile financial position, closed down 61.83% today .

Silicon Valley Bank broke out in a run on last week and was taken over by the Federal Deposit Insurance Corporation (FDIC) on the 10th. The headquarters and branches resumed operations today.

The headquarters of Silicon Valley Bank in California began to queue at 7:00 am on the 13th. Although online banking operations are available, many customers still choose to work in front of the counter. Once the bank gate is opened, only one group of customers are allowed to enter for banking business at a time. , you can receive bank checks, cash, or remittance to other bank accounts.

Due to the long waiting time, the bank’s internal personnel came out from time to time to explain the method of withdrawing deposits to the people in line, and regarding 2 to 3 guards were on site to maintain order.

Bob, who lives in San Jose in the South Bay and did not want to provide his surname, told the media following he walked out of the bank that he was engaged in the financial industry and almost all of his “life savings” were placed in this bank. After the FDIC took over Silicon Valley Bank on the 10th , he has been very anxious all weekend, and now he feels like “back from hell.”

After the collapse of Silicon Valley Bank, the U.S. Department of the Treasury, the Federal Reserve and the FDIC issued a joint statement on the 12th, confirming that depositors can get back all their deposits. The FDIC announced today that it has transferred the deposits and assets of Silicon Valley Bank insured and uninsured depositors to Silicon Valley Bank NA, which is operated by the FDIC.

However, Bob needs to open a new account in another bank before he can send the money. He has asked Wells Fargo (Wells Fargo) that it will take at least a week, so he is still not completely relieved.

Silicon Valley Bank was established in 1983. Bob has used the bank’s services since he opened an account with Silicon Valley Bank 25 years ago because he was engaged in innovation-related work. He believes that the bank’s entrusted management of public assets has not fulfilled its duties and caused customer losses. I am sorry for this negligence. duty-bound.

He predicts that in the future, “controls will inevitably become more stringent”, and it may become more difficult for start-up companies to borrow money.

Less than 3 days following the closure of Silicon Valley Bank, the New York banking regulator closed the cryptocurrency-friendly commercial bank Signature Bank on the 12th, and the commercial bank Silvergate, which ceased operations on the 8th, equaled 3 banks closed in the same week. Tens of billions of dollars have been evaporated; according to S&P Capital IQ data, the total market value of the three banks is close to 25 billion U.S. dollars (approximately NT$761.4 billion).

Headquartered in San Francisco, First Republic Bank (First Republic Bank) was named as one of the banks with fragile financial conditions. On the 10th, its stock price fell by more than 50%. On the 12th, there was also a wave of people going to ATMs to withdraw cash. , Today’s closing stock price fell 61.83%.

Other regional banking stocks are also sad, Western Union Bancorp (Western Alliance Bancorp) fell 47.06% on the 13th, Westpac Banking Corporation (PacWest Bancorp) fell 21.05%. WebMD 0313