December 11, 2023

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Silicon Valley Financial institution nonetheless seeing outflows after First Residents takeover

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The brand new proprietor of Silicon Valley Financial institution, which collapsed after a financial institution run in March and set off fears of broader contagion within the world monetary sector, stated prospects are nonetheless withdrawing deposits, the Monetary Occasions reported.

Peter Bristow, president of First Residents BancShares Inc., which agreed to purchase the California-based lender final month, stated in an interview with the FT that SVB was nonetheless seeing outflows and referred to as for persistence from buyers. He attributed the withdrawals to pent-up demand throughout the interval wherein the Federal Deposit Insurance coverage Corp. took SVB into receivership “- after it grew to become the most important US financial institution to break down for the reason that 2008 monetary disaster.

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