Below is a timeline of key events leading to the
acquisition:
Date Development
March 8, 2023 SVB says it intends to raise $2.25 billion in
common equity and preferred convertible stock
after it sold a portfolio of US Treasuries and
mortgage-backed securities at a $1.8 billion
loss
March 9, 2023 SVB clients pull their money from the bank on
the advice of venture capital firms such as
Peter Thiel's Founders Fund, sources tell
Reuters, leading to $42 billion of deposit
withdrawals on that day
March 10, 2023 A California regulator shuts Silicon Valley
Bank and appoints the Federal Deposit
Insurance Corporation (FDIC) as receiver to
take control of its parent company, according
to the agency's statement
March 11, 2023 Employees of Silicon Valley Bank offered 45
days of employment at 1.5 times their salary
by the regulator FDIC, according to an email
to staff seen by Reuters
March 12, 2023 "Depositors will have access to all of their
money starting Monday, March 13," the U.S.
Treasury, Federal Reserve and FDIC said in a
statement, adding that no losses associated
with the resolution of Silicon Valley Bank
will be borne by the taxpayer March 13, 2023 The defunct holding company says it is
planning to explore strategic alternatives for
its businesses and names William Kosturos as
its chief restructuring officer.
President Joe Biden vows to take action to
ensure the safety of the U.S. banking system.
March 14, 2023 SVB says that Goldman Sachs acquired the bond
portfolio on which it booked a $1.8 billion
loss, a transaction that set its failure in
motion.
March 15, 2023 Canada's financial regulator says it has taken
permanent control of the assets of Silicon
Valley Bank's Canadian branch and was winding
up the institution.
March 15, 2023 Regulators at the U.S. Federal Deposit
Insurance Corp (FDIC) have asked banks
interested in acquiring failed lenders Silicon
Valley Bank and Signature Bank to submit bids
by March 17, Reuters reported.
March 16, 2023 U.S. Treasury Secretary Janet Yellen says that
Silicon Valley Bank had to be closed because
of a liquidity risk that meant the bank could
not meet depositors' withdrawal requests.
March 17, 2023 SVB says it filed for a court-supervised
reorganization under Chapter 11 bankruptcy
protection to seek buyers for its assets, days
after its former unit Silicon Valley Bank was
taken over by U.S. regulators.
March 19, 2023 SVB Financial lost access to its financial
records after the bank was placed into
receivership by the FDIC, according to court
documents filed in Manhattan.
March 20, 2023 The FDIC decided to break up Silicon Valley
Bank and hold two separate auctions for its
traditional deposits unit and its private bank
after failing to find a buyer for the failed
lender.
March 27, 2023 First Citizens BancShares Inc said
it will acquire the deposits and loans of
failed Silicon Valley Bank.
(Reporting by Mehnaz Yasmin in Bengaluru; Additional reporting by Priyamvada C; Editing by Maju Samuel, Saumyadeb Chakrabarty, Sriraj Kalluvila and Savio D'Souza)
