The CardBoard
Outside Topic Silicon Valley Bank, one year later - Printable Version

+- The CardBoard (https://thecardboard.org/board)
+-- Forum: C-House! (https://thecardboard.org/board/forum-4.html)
+--- Forum: The CardBoard (https://thecardboard.org/board/forum-5.html)
+--- Thread: Outside Topic Silicon Valley Bank, one year later (/thread-24847.html)


Silicon Valley Bank, one year later - Mick - 03-15-2024

Interesting article:

A year after imploding, Silicon Valley Bank tries to make a comeback

https://www.msn.com/en-us/money/companies/a-year-after-imploding-silicon-valley-bank-tries-to-make-a-comeback/ar-BB1jUSvT

Five most interesting comments in the article (interesting to me, anyway):

  1. SVB spent 40 years building up its business in Silicon Valley. It fell apart in a day. 
  2. “It was like the banking equivalent of the U.S. withdrawal from Afghanistan,” Hébert said. “It was absolute sheer terror.”
  3. “I pulled every dollar out in the first week of their comeback,” said Biju Ashokan, the CEO of Radius, a tech platform for real estate investors. He now banks elsewhere and doesn’t plan to return to SVB.
  4. Before the bank run, SVB had about $119 billion in customer deposits, according to the Federal Deposit Insurance Corp. At the end of 2023 that amount was just $38.5 billion.
  5. About 81 percent of customers from before the bank failure still have accounts at SVB.

FOur professors at NY Stern (along with co-authors from Columbia, Baruch and Brandeis) have a comprehensive analysis of the banking crisis last year, 261 pages. One chapter on SVB. Here's the link, if you're a glutton for punishment: https://drive.google.com/file/d/1M067WVIlogb0Jtrsl33ggpbHIAtVjlR6/view?pli=1

RE: Silicon Valley Bank, one year later - jonnyss - 03-15-2024

(03-15-2024, 02:12 PM)Mick Wrote:  Interesting article:

A year after imploding, Silicon Valley Bank tries to make a comeback

https://www.msn.com/en-us/money/companies/a-year-after-imploding-silicon-valley-bank-tries-to-make-a-comeback/ar-BB1jUSvT

Five most interesting comments in the article (interesting to me, anyway):

  1. SVB spent 40 years building up its business in Silicon Valley. It fell apart in a day. 
  2. “It was like the banking equivalent of the U.S. withdrawal from Afghanistan,” Hébert said. “It was absolute sheer terror.”
  3. “I pulled every dollar out in the first week of their comeback,” said Biju Ashokan, the CEO of Radius, a tech platform for real estate investors. He now banks elsewhere and doesn’t plan to return to SVB.
  4. Before the bank run, SVB had about $119 billion in customer deposits, according to the Federal Deposit Insurance Corp. At the end of 2023 that amount was just $38.5 billion.
  5. About 81 percent of customers from before the bank failure still have accounts at SVB.

FOur professors at NY Stern (along with co-authors from Columbia, Baruch and Brandeis) have a comprehensive analysis of the banking crisis last year, 261 pages. One chapter on SVB. Here's the link, if you're a glutton for punishment: https://drive.google.com/file/d/1M067WVIlogb0Jtrsl33ggpbHIAtVjlR6/view?pli=1

well, if we're posting off-topic, may i ask if folks have a replacement bank for personal and small business funds (not start-ups)? we love first republic, where the reps remember you, try to fix any problem, etc. but frb crashed like svb. the frb branches are closing this spring.

we hate chase, which "rescued" frb: adversarial, error-prone, won't document anything, no personal service (only phone calls with, each time, a different rep who has no record of previous calls), etc. 

anybody have bank they love and can recommend?

RE: Silicon Valley Bank, one year later - CompSci87 - 03-15-2024

I have just switched away from BMO, which took over Bank of the West and discontinued a service I need. I'm using Stanford Federal Credit Union now. So far I like them a lot, though it's only been a few months.

RE: Silicon Valley Bank, one year later - CompSci87 - 03-15-2024

BTW, I have a Chase credit card (branded Amazon). After a screwup by Chase where they blamed it on me, I've dropped that card and added an SFCU credit card too. SFCU's Stanford Alumni card has a similar extra cash back deal on Amazon purchases as Amazon's own card does.

RE: Silicon Valley Bank, one year later - Erika - 03-17-2024

(03-15-2024, 08:07 PM)CompSci87 Wrote:  BTW, I have a Chase credit card (branded Amazon). After a screwup by Chase where they blamed it on me, I've dropped that card and added an SFCU credit card too. SFCU's Stanford Alumni card has a similar extra cash back deal on Amazon purchases as Amazon's own card does.

I left Chase in 2008. Switched to SFCU and couldn't be happier. Customer Service is great and easily accessible.