SVB Financial Group

Silicon Valley Bank’s Failure Hits Chicago Restaurant Chain Fry The Coop | Eater Chicago

"After regulators shut it down, Silicon Valley Bank, based in Santa Clara, California, became the second-largest banking failure in American history; I note the government intervened over the weekend to ensure depositors would have access to their funds, saying money would come from contributions banks pay into the FDIC Insurance Fund (which covers deposits up to $250,000), and President Biden promised that all deposits would be covered—an intervention that was intended to free funds but which, in this chain of events, left payroll processors and their clients temporarily unable to access money. The bank’s failure also prompted anger when it was reported that the bank’s CEO sold $3.6 million of company stock in late February before the collapse." - Ashok Selvam