First Citizens Bank buys SVB's deposits, loans from FDIC
1 year, 8 months ago

First Citizens Bank buys SVB's deposits, loans from FDIC

Firstpost  

The deal has given markets some respite as it was the first weekend in several weeks that did not bring news of fresh banking collapses, rescue deals or emergency help from authorities to shore up confidence A buyer for Silicon Valley Bank’s deposits and loans helped cast an uneasy calm over fragile markets on Monday, which have been roiled by worries of a credit crunch and systemic bank stress. First Citizen acquires about $72 billion in SVB assets at a discount of $16.5 billion and the estimated cost of SVB’s failure to FDIC’s deposit insurance fund is about $20 billion, the FDIC said. “It’s a little bit of calm before the next storm.” Last week ended with indicators of financial market stress flashing and Germany’s biggest lender Deutsche Bank in the crosshairs, with its shares down 8.5 per cent on Friday and the cost of insuring its bonds against default up sharply. “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,’” Elliott said.

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History of this topic

How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe
10 months, 1 week ago

How to protect YOUR cash from banking Armageddon: Shark Tank star Kevin O'Leary warns THOUSANDS more 'radioactive' regional banks could fail like SVB - you'll be amazed how simple it is to be safe

Daily Mail  

Regional banks are doomed. BEWARE THE COMING REAL ESTATE IMPLOSION New York Community Bancorp made more headlines this week after reporting a surprise loss of $252 million on its commercial real estate loan portfolio in the fourth quarter of 2023 alone. Considering that small firms reportedly hold nearly 70 percent of $2.7 trillion in outstanding commercial real estate loans, it's …

US regulators seize California's First Republic in latest banking failure
1 year, 7 months ago

US regulators seize California's First Republic in latest banking failure

Raw Story  

US financial authorities have taken possession of California's troubled First Republic Bank, which will be acquired by JPMorgan Chase, government regulators announced Monday in the latest banking failure. "To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the …

First Citizens Bank will buy SVB’s deposits, loans from FDIC
1 year, 8 months ago

First Citizens Bank will buy SVB’s deposits, loans from FDIC

Live Mint  

First Citizens BancShares Inc said on Monday it will acquire Silicon Valley Bank's deposits and loans as well as certain other assets from the Federal Deposit Insurance Corporation. The FDIC said in separate statement it has received equity appreciation rights in First Citizens BancShares stock with a potential value of up to $500 million as part of the deal. First …

The global banking turmoil explained; what’s happening at SVB, Credit Suisse
1 year, 9 months ago

The global banking turmoil explained; what’s happening at SVB, Credit Suisse

Live Mint  

It all started on 10 March, 2023 after Startup-focused lender SVB Financial Group became the largest bank failure since the financial crisis, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors. At least four major banks, including Societe Generale and Deutsche Bank, are restricting new trades involving Credit Suisse or its …

SVB Collapse: What Banks Do With Your Money And What Happens To The Deposits If A Bank Fails
1 year, 9 months ago

SVB Collapse: What Banks Do With Your Money And What Happens To The Deposits If A Bank Fails

ABP News  

New Delhi: Silicon Valley Bank, the 16th largest bank in the United States, became the largest bank to fail since the 2008 global financial crisis, sending global indices into a tailspin last week. Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about …

US regulators race to start returning some uninsured SVB deposits from Monday
1 year, 9 months ago

US regulators race to start returning some uninsured SVB deposits from Monday

Live Mint  

US regulators overseeing the emergency breakup of SVB Financial Group are racing to sell assets and make a portion of clients’ uninsured deposits available as soon as Monday, according to people with knowledge of the situation. Figures being floated behind the scenes for an initial payment range from 30% to 50% or more of uninsured deposits, the people said, asking …

State Ownership Helps Deposit Franchise of PSBs, Divesting Majority Stakes 'Credit Negative': Icra
4 years, 3 months ago

State Ownership Helps Deposit Franchise of PSBs, Divesting Majority Stakes 'Credit Negative': Icra

News 18  

These six lenders are primarily supported by sovereign ownership and the ensuing stable deposit base, the agency said. "The financial profile of these PSBs is very weak and the standalone profiles of these banks could be low within investment grades rating given their weak asset quality, profitability, capital and solvency profile," the agency's group head for financial sector ratings Karthik …

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