Comments by Brian Shilhavy
Editor, Health Impact News

The news is moving fast now, with the report of Silicon Valley Bank (SVB) being in trouble, after Silvergate Bank announced yesterday that they were liquidating their assets and shutting down.

A bank run has apparently just started at SVB, with reports that people cannot access their funds, and that their website is down.

Some SVB customers are struggling to wire funds out of the bank

TechCrunch.com

Some of Silicon Valley Bank’s customers are struggling to transfer funds out of their bank accounts, numerous sources tell TechCrunch.

The seeming wave of attempted withdrawals comes after SVB announced yesterday that it lost $1.8 billion in the sale of U.S. treasuries and mortgage-backed securities that it had invested in, owing to rising interest rates. The bank also said that it was raising more capital, and investing into higher-yield products. Concern ensued, leading the share price to tank more than 50% at time of publication.

Dozens of VCs are advising their portfolio companies to pull their assets from the bank, sources say…

One source tells TechCrunch that parts of the SVB site is down, as well as one of its client support phones, despite using different browsers and apps to try to move their capital. Another says that account access controls are now view only, meaning that users cannot conduct withdrawals or wires. Others on Twitter say that they’re unable to log into the online banking portal at large. (Full article.)

Silicon Valley Bank Told Some Customers Money Transfers Are ‘Backed Up’

by The Information

Silicon Valley Bank on Thursday told at least four clients that wire transfers could be delayed, and the bank’s support phone lines were recently inaccessible. Other clients reported trouble logging in to the company’s website to view their account information and make transfers.

One founder who reached an SVB customer support agent Thursday afternoon said they were informed that the bank’s “systems are down, wires are backed up, and there’s no way for me to login right now or for them to help me” wire money over the phone. Other clients reported that some wires were successfully sent throughout the afternoon. Meanwhile, rival banks including JPMorgan sought to convince some SVB customers to move their funds. (Full article.)

This is a developing story…

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