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First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B

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First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated B
Acquisition
First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated BAccording to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States. Silicon Valley […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations

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Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency Operations
Assets
Flagstar Bank Acquires Signature Bank’s Assets and Branches, Excluding Cryptocurrency OperationsOn Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SVB Financial Group Files for Chapter 11 Bankruptcy Protection to ‘Preserve’ Firm’s Value

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SVB Financial Group Files for Chapter 11 Bankruptcy Protection to ‘Preserve’ Firm’s Value
Bankruptcy
SVB Financial Group Files for Chapter 11 Bankruptcy Protection to ‘Preserve’ Firm’s ValueOn March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week. 3 […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US

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Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US
anti-crypto message
Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from USOn Wednesday, Tom Emmer, the U.S. Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent instability” in the U.S. banking industry to “purge legal crypto activity” from the United States. Specifically, Emmer asked Gruenberg if […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Moody’s Downgrades US Banking Sector to Negative After Collapse of Three Major Banks

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Moody’s Downgrades US Banking Sector to Negative After Collapse of Three Major Banks
asset-liability management
Moody’s Downgrades US Banking Sector to Negative After Collapse of Three Major BanksAfter the failure of three major U.S. banks last week, with two of them being the second and third largest banking failures in the country, Moody’s Investors Service has downgraded the rating of the U.S. banking system from “stable” to “negative.” As one of the “Big Three” credit rating firms, Moody’s cited a “rapid deterioration […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow

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Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow
appropriately capitalized
Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout GrowThe U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on […]
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SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

SEC Chair Gary Gensler Ends Tenure a Year Early to Avoid Trump’s Axe

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