One of the most prominent lenders in the world of technology start-ups, struggling under the weight of ill-fated decisions and panicked customers, collapsed on Friday, forcing the federal government to step in.
The Federal Deposit Insurance Corporation said on Friday that it would take over Silicon Valley Bank, a 40-year-old institution based in Santa Clara, Calif. The bank's failure is the second-largest in U.S. history, and the largest since the financial crisis of 2008.
Most of Silicon Valley Bank's Deposits Were Uninsured | Time
S ilicon Valley Bank was aptly named: It held the funds of hundreds of U.S. tech companies and was a crucial player in the valley’s economy. But on Friday, it became the second largest bank failure in U.S. history after a rapid run on its deposits.
But more than 85% of the bank’s deposits were uninsured, according to estimates in a recent regulatory filing. That’s because FDIC deposit insurance is meant for everyday bank customers and maxes out at $250,000.
Silicon Valley Bank customers scramble to meet payroll, pay bills
4 Principles for Improving Customers’ Digital Experience
Companies, despite exploding technological power, are failing to keep up with rising customer standards. Customer service technology should build a customer dialogue and foster deeper relationships, just as the best human customer service representatives do.
Customer expectations are outpacing technological innovation. We can all think of instances where companies, despite exploding technological power, are failing to keep up with rising customer standards.
Don't Hang Up on Your Customers | Inc.com
IT NEVER CEASES to amaze me how the same companies that gladly fork over vast sums of money to marketing agencies to " build their brands " then go to such extraordinary lengths to undermine them.
And, because I shared my positive experience with more than a few people, the brand got itself an unpaid ambassador. Thank you, Kohler. That's how word-of-mouth works, and it's very effective.
One month ago, Jim Cramer urged investors to buy Silicon Valley Bank stock $SIVB, saying it was "still cheap" and h… https://t.co/QHDz4k4lYF WatcherGuru (from Texas, USA) Fri Mar 10 03:53:55 +0000 2023
Silicon Valley Bank CEO, CFO and CMO sold +$4.4MM in stock over the last 2 weeks. But they didn't know anything r… https://t.co/rYAD4atsoN GRDecter (from Not Financial Advice) Fri Mar 10 19:55:19 +0000 2023
JUST IN - U.S. bank regulators seize Silicon Valley Bank in largest bank failure since the Great Recession — AP disclosetv (from 🌍) Fri Mar 10 16:55:04 +0000 2023
Silicon Valley Bank was the 2nd largest bank failure in US history. Only Washington Mutual was bigger... https://t.co/cXnaQiQ8TN charliebilello Fri Mar 10 17:47:56 +0000 2023
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