The State of Banking: How Concerned Should We Be?
Three banks have made headlines in recent days, Silvergate Bank and its holding company Silvergate Capital Corp (NYSE: SI), Signature Bank (Nasdaq: SBNY), and most notably Silicon Valley Bank and its holding company SVB Financial Group (Nasdaq: SIVB). Silvergate Bank is a major bank of the cryptocurrency community and announced on March 8, 2023 that it would be winding down operations with plans to liquidate voluntarily. On Friday, March 10, 2023 California banking regulators announced that the FDIC would take over the liquidation of Silicon Valley Bank holding company SVB Financial Group. On Sunday night, March 12, New York banking regulators announced that Signature Bank would be placed into receivership of the FDIC.