Published on 10 Mar 2023 on MarketWatch
SVB remains halted as FDIC takes over bank, Fed keeps watch and analysts take note
SVB Financial Group stock remained halted Friday as the Federal Deposit Insurance Corp. took control of the troubled company in a sudden demise of the once-mighty lender to technology companies.
While it’s known as a sophisticated and dependable lender in Silicon Valley, the company succumbed to an old-fashioned run on the bank when it told investors on Thursday that it needed to raise $2.25 billion to cover an unexpected drop in deposits.