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The Latest Breaking News from FDIC

Lawmakers open to Biden’s call to claw back SVB executive pay - Roll Call

Lawmakers from both parties are open to executive compensation clawback legislation after the failure of SVB and Signature Bank.

Roll Call

First Citizens Buy of SVB Could Boost Confidence in Banking System

Regional bank stocks are moving higher Monday following a late-night agreement by First Citizens to buy the assets of failed lender Silicon Valley Bank.

The Street

Stocks Higher, First Citizens Purchase, Inflation Data Focus, Bank Deposits Flee, Israel Protests - Five Things To Know

Stock futures higher as bank stocks rebound; Week Ahead: inflation data in focus as Fed rate bets fade; First Citizens agrees to buy Silicon Valley bank loans, deposits; U.S. bank stocks higher, but deposit outflows quicken and Israel protests deepen pressure on Prime Minister Netanyahu.

The Street

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Family run US bank rescues tech lender Silicon Valley Bank

FAILED tech lender Silicon Valley Bank was taken over today by First Citizens in a deal that will cost about $20 billion but offered hope that the crisis of confidence in the global banking system could be easing.

Evening Standard

The FDIC says First Citizens Bank will acquire Silicon Valley Bank

First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world.

WEKU

First Citizens to acquire collapsed Silicon Valley Bank

New York (AFP) - First Citizens Bank will acquire significant holdings of fallen lender Silicon Valley Bank, a US banking agency announced late Sunday, as regulators seek to contain an industry crisis.

AFP

Silicon Valley Bank: most of failed lender bought by First Citizens

Collapse of tech sector lender will cost about $20bn in deposit insurance payouts, say US regulators

The Guardian - UK

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Markets rally despite banking fears; UK retailers turn optimistic after bleak winter – as it happened

Shares in First Citizens Bank surge 45% as it agrees to buy much of Silicon Valley Bank, while Saudi National Bank’s Ammar Alkhudairy resigns

The Guardian - UK

Banking sector sees boost as First Citizens acquires failed SVB

SVB’s purchase gives markets some respite amid growing concerns over financial health of global banking system.

Al Jazeera

FDIC: First Citizens Bank to acquire Silicon Valley Bank

The Federal Deposit Insurance Corp. says it has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. The sale involves the sale of all deposits and loans of SVB to First-Citizens

The Independent UK

First Citizens agrees to buy Silicon Valley Bank

This is a step toward stabilizing America's regional banking sector, after a month of tumult.

Axios

Consider yourself lucky if your small business worked with Silicon Valley Bank

Yes, there were some scary moments, it was poorly regulated and your bank failed to protect your money – but you got it back

The Guardian - US

Janet Yellen’s Comments Fail To Calm Investors As First Republic Stock Remains Volatile

Growing concerns about the safety of bank deposits have prompted investors to approach community and regional banks with caution

Zenger

Bank failures and rescue test Yellen's decades of experience

Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis

The Independent UK

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Tribune News Service

Silicon Valley Bank failure unites Democrats and Republicans in fundraising

WASHINGTON — The collapse of Silicon Valley Bank has united deeply divided lawmakers toward a singular goal: raising money off the news.

Kiplinger

Best Money Market Accounts

Money market accounts are interest-bearing accounts at a bank or credit union, typically paying high interest rates. Here are the best ones.

Los Angeles Times

Commentary: The Fed just raised interest rates. Does that mean there is no banking crisis?

Do we have a banking crisis in the United States or don’t we?

Fortune

U.S. Banks are sitting on $1.7 trillion in unrealized losses, research says. That's not a problem—until it is

"As long as people aren't all coming in at the same time and demanding that their deposits back, you're okay, but that's exactly what's been happening," Prof. Stephan Weiler told Fortune. "So the chances of facing those unrealized losses are going up."

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Investors Business Daily

Dow Jones Futures Fall As Deutsche Bank Becomes Latest Bank Pain Point

The stock market rally attempt slashed big gains in whipsaw fashion. Bank stocks tumbled as Moody's warned of risks of wider "turmoil."

Fortune

‘Gerbil banking’ preceded the Great Depression. We’re seeing it again today

Big banks are attracting more deposits–and putting money back into failing banks. A similar system existed in the run-up to the Great Depression.

Kiplinger

Best 5-Year CD Rates for July 2023

Here are the best 5-year CD rates as the Fed continues its campaign to raise interest rates to try to combat inflation.

Investors Business Daily

Dow Jones Futures Rise After Fed Sell-Off; Apple, 5 Titans Mask Market Weakness

Techs led futures higher after Wednesday's Fed-led sell-off. Apple and other titans have masked market weakness

Fortune

Silicon Valley Bank might have just blown up a banking regulation that was put in place at the depths of the Great Depression

Why deposit insurance matters: Without it, America's press secretary had to put his money under a mattress in the 1930s.

The Street

SVB Collapse: FDIC Removed $2 Billion Cash From Parent Company

The FDIC seized $2 billion from Silicon Valley Bank's former parent company, SVB Financial who may be on the hook for the bank's collapse.

Investors Business Daily

Bank Stocks Falter After Fed Raises Rates, Repairs Continue

Bank stocks were mixed early Wednesday ahead of the Fed rate hike decision. Regional banks falter on First Republic, PacWest updates.

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