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Silicon Valley Bank Experienced $42 Billion in Attempted Withdrawals

By
Maria Heeter
· · Source: The Information

Depositors initiated $42 billion in withdrawals from Silicon Valley Bank Thursday, according to a Friday regulatory filing from the California commissioner of financial protection and innovation. The bank was left with a negative cash balance of about $958 million, according to the filing. SVB was left unable to meet its cash letter with the Federal Reserve, despite trying to transfer...

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