Timeline of the Silicon Valley Bank collapse

Illustration: Annelise Capossela/Axios

The past 10 days have felt like an eternity, so here’s a handy timeline of what happened:

8 March : SVB announcement it has raised $500 million from General Atlantic and plans a common stock sale of $1.25 billion, plus an additional $500 million in tender stock.

  • Earlier today, Silvergate, a bank popular with the crypto industry, announcement it is a halt to operations, a harbinger of what is to come.

March 9: When the markets open, SVB’s stock fell 30% (and eventually 60% that day and a growing number of venture capitalists and startups have started taking their money out of the bank.

  • SVB CEO Greg Becker tried to appease VCs and startups on a video conference call, asking them to “keep calm”. The bank also notified Goldman Sachs of the deposit outflows, effectively kill the stock offering.
  • At the end of the day, customers had launched 42 billion dollars withdrawals, making it the biggest bank run in history.

March 10: US regulators have taken control from the bank on Friday morning, closing it.

  • In the evening, the FDIC informed an unknown number of SVB employees that they would keep their jobs with the new bridge bank for the next 45 days.

12th of March: Acquisition offers from SVB were expected on Sunday, but there was no sale (the FDIC would have refused the only offer of an anonymous company).

March 13: The UK branch of SVB is sold to HSBC for £1.

  • Bank of the First Republic the stock plunges 60% as the market worried about a broader banking crisis. Other regional banks also saw their shares fall.
  • SVB reopens as the newly created Silicon Valley Bridge Bank.
  • The Fed announcement a review of the failure of SVB.

March 15: Credit Suisse, which has had its own problems for some time, announcement it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to bolster its liquidity.

March 16: Treasury Secretary Janet Yellen reassured Congress that the American banking system is “sound”.

  • 11 banks inject $30 billion deposits at First Republic Bank as a sign of confidence as it spent the week trying to avoid the fate of SVB.

the 17th of March: SVB Financial Group Files for Ch. 11 bankruptcy protection in the Southern District of New York.

  • The offers in a second attempt to sell SVB are would have due.

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