Big bank fm Cal. went bust today, suckers, leaving suckers high, dry; the CEO made sure to sell his stock, along w. other high-ups, tough luck, scum

Apollonian

Guest Columnist
Carlson/FOX News reports on latest disaster in the crooked and corrupt banking industry, suckers lost their "currency" while criminals got away, as usual

 

Silicon Valley Bank's Manhattan branch calls COPS on investors trying to pull their cash out as Boston tech CEO with $10M in bank describes 'worst 18 hours of my life': Lender is SEIZED by regulators in largest US bank failure since Great Recession​

Link: https://www.dailymail.co.uk/news/ar...alls-NYPD-tech-investors-tried-pull-cash.html
  • Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue Friday
  • SVB blocked them from entering and two cop cars arrived to secure the building
  • There was a run on the bank today as depositors - many of them tech workers - began pulling funds following a surprise announcement of a $1.8 billion loss
By ROSS IBBETSON and KEITH GRIFFITH FOR DAILYMAIL.COM
PUBLISHED: 13:00 EST, 10 March 2023 | UPDATED: 15:13 EST, 10 March 2023

A Silicon Valley Bank branch in Manhattan today called the cops on tech investors trying to pull their cash out as a run on the bank forced regulators to seize its assets.
Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue as investors scrambled to get their money out amid the biggest collapse since the Great Recession.
The Federal Deposit Insurance Corporation (FDIC) seized SVB's assets today after depositors - mostly tech workers and start-up firms - triggered a run on the bank following the shock announcement of a $1.8bn loss. The bank took a hammering in pre-market with its price plunging 66 percent before trading was halted.
Investors are only insured up to $250,000 and there have already been horror stories. Ashley Tyrner, CEO of Boston wellness firm FarmboxRx, said she had at least $10m deposited with SVB and has been frantically calling her banker. She said it had been 'the worst 18 hours of my life.'
With around $209bn in assets, SVB is the second-largest bank failure in US history after the 2008 collapse of Washington Mutual. The crash is expected to have a colossal impact on the tech sector, with many start-ups using SVB as their sole account and creditor. It is the first FDIC-insured bank to fail in more than two years, the last being Almena State Bank in October 2020.
A Brinks security truck is parked outside the Silicon Valley Bank in Santa Clara as investors line up outside after the bank shut its doors. The Federal Deposit Insurance Corporation (FDIC) seized SVB's assets today as depositors - mostly tech workers and start-up firms - began withdrawing their money following the shock announcement of a $1.8bn loss


A Brinks security truck is parked outside the Silicon Valley Bank in Santa Clara as investors line up outside after the bank shut its doors. The Federal Deposit Insurance Corporation (FDIC) seized SVB's assets today as depositors - mostly tech workers and start-up firms - began withdrawing their money following the shock announcement of a $1.8bn loss
Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue as a run on the bank Friday morning forced the Federal Deposit Insurance Corporation to seize its assets. SVB blocked them from entering and two cop cars arrived to tell the investors to get out of the building.


Police were called after 'about a dozen' financiers, including former Lyft executive Dor Levi, showed up outside the building on Park Avenue as a run on the bank Friday morning forced the Federal Deposit Insurance Corporation to seize its assets. SVB blocked them from entering and two cop cars arrived to tell the investors to get out of the building.
Ashley Tyrner, CEO of Boston wellness firm FarmboxRx, said she had at least $10m deposited with SVB and has been frantically calling her banker. She called it 'the worst 18 hours of my life'


Ashley Tyrner, CEO of Boston wellness firm FarmboxRx, said she had at least $10m deposited with SVB and has been frantically calling her banker. She called it 'the worst 18 hours of my life'
Two cop cars rolled up to the bank branch of Park Avenue today after investors arrived frantically trying to pull their cash out


Two cop cars rolled up to the bank branch of Park Avenue today after investors arrived frantically trying to pull their cash out
The Federal Deposit Insurance Corporation seized SVB's assets today as trading was halted after its shares tumbled 66 percent in premarket


The Federal Deposit Insurance Corporation seized SVB's assets today as trading was halted after its shares tumbled 66 percent in premarket
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The collapse of SVB came less than 48 hours after the bank disclosed plans to raise over $2 billion from investors to counter $1.8 billion in losses from the sale of bonds, which were liquidated to cover declining deposits.
That announcement spurred a bank run, pushing the firm into failure as customers withdrew their deposits at a furious pace over fears it faced insolvency.

Following the shutdown, the FDIC said SVB depositors will have full access to their insured deposits no later than Monday morning. The federal agency insures each depositor to at least $250,000.
As well as the sole branch in NYC, SVB has 17 branches in California and Massachusetts, the FDIC said.
It means investors like Tyrner with $10m in the bank stand to lose millions. 'It was pure and utter panic,' she said of her mindset after learning the news.
Tyrner, who heads a company of 63 staff, told The New York Post 'all panic broke loose' on Thursday morning when senior executives called her saying they needed her to urgently approve a wire transfer. 'When I went to log in to approve the wire, the system was completely crashed,' Tyrner said. 'It would not let anybody in.'
Tyrner said she had repeatedly attempted to call customer service and her personal banker at SVB. 'He wouldn't answer the phone,' Tyrner told the Post. 'He sent us a text that he's very sorry. They're trying to fix the issue to get us logged into the account.'
But when she tried contacting him later when the issue still wasn't fixed he stopped answering. 'He won't get back to anyone in my company,' she said. 'Not even a text. We have no idea what's going on.'
In Manhattan, former Lyft boss Levi joined other concerned investors outside the offices at around 8am. Levi said he had been told by a banker at SVB that the only way he could move funds was to go and get a cashier's check from his local branch.
'There’s more founders coming every minute,' Levi told Newcomer while outside. SVB blocked their entry before calling the cops.
Levi said the NYPD were polite and friendly, instructing one person who would not leave the SVB building that he had to get out. The police then left and Levi said he did too after giving up on getting his money.
NY-based entrepreneur Brad Hargreaves warned that the failure of SVB would have a 'massive impact on the tech ecosystem.'
'SVB was not just a dominant player in tech but were highly integrated in some nontraditional ways. A few things we'll see in the coming days or weeks,' he tweeted.
People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, California, on Friday during a run on the bank


People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, California, on Friday during a run on the bank
A woman outside the SVB branch on Park Avenue Friday


A man at the SVB branch on Park Avenue Friday



People showed up to the SVB branch on Park Avenue today but were turned away
A man talks to a doorman at the SVB branch on Park Avenue Friday morning


----------------------------------------------------[END OF PART ONE; SEE BELOW FOR PART 2]------------------------------------------------
 
------------------------------------------------------[HERE'S PART 2 TO ABOVE]-------------------------------------------------------------


A man talks to a doorman at the SVB branch on Park Avenue Friday morning
A worker tells people that the Silicon Valley Bank (SVB) headquarters is closed this morning


A worker tells people that the Silicon Valley Bank (SVB) headquarters is closed this morning
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'One, SVB was incredibly integrated into the lives of many founders. Not just their startup's bank and lender, but also provided personal mortgages and other financial services. A whole mess for FDIC (or the eventual buyer) to unwind ...
'CEOs yesterday faced a hard choice: Pull your deposits and go into default on your venture debt or risk losing everything if the bank failed. Many chose to hold tight as SVB's outright failure seemed outlandish.

How rising interest rates led to SVB crisis​


Silicon Valley Bank, which primarily caters to tech startups, saw its assets and deposits nearly double in 2021, during a boom in venture investing amid low interest rates.
The bank poured most of those funds into US Treasuries and other government bonds for safekeeping.
But on Wednesday, the bank revealed its deposits have dropped sharply, with many startups drawing down their accounts as venture funding dries up due to the Fed's rising interest rates.
To cover the withdrawals, SVB sold off many of its bonds, which decreased in market value as interest rates rose, taking a $1.8 billion loss.
To cover the investment sale loss, the bank announced plans to raise more than $2 billion from investors.
The announcement sparked fears over the bank's solvency, triggering a huge run on deposits that threatened to tip SVB into failure.


'Now they may not be able to make payroll next week. Unpaid wages pierce the corporate veil, so boards are *incredibly* sensitive to employing workers they may not be able to pay. Expect mass layoffs later today, Monday at latest.'
Depositors with funds above the insured amount will receive a dividend within the next week, and a receivership certificate for the remaining amount of their uninsured funds, to be paid off through the sale of the bank's assets.
Earlier on Friday, SVB halted trading of its shares pending the announcement, after they dropped as much as 64% in premarket trading following a plunge of about 60% in the previous session.
The bank on Friday morning was reportedly in discussions for a sale -- but word later emerged that a huge run on the bank's deposits had cast doubt on a bailout merger, according to a report from CNBC citing sources.
In a memo reported by Reuters, SVB Financial Group told its employees to work from home until further notice, stating: 'SVB is undergoing a series of conversations that have not been concluded yet to determine next steps for the company.'
On Thursday night, Founders Fund, the venture capital fund co-founded by Peter Thiel, advised startups to pull their money from Silicon Valley Bank amid concerns about its financial stability, according to Bloomberg.
Theil's warning, and a similar alert from startup incubator Y Combinator, increased fears that a run on SVB deposits could push the bank into insolvency, if it were unable to meet the demand for customer withdrawals.
It came after parent company SVB Financial Group announced a massive equity raise to cover a $1.8 billion loss on the sale of bonds, which the bank was forced to liquidate to cover a steep decline in deposits.

On Wednesday, SVB CEO Greg Becker insisted in a letter to investors that the bank remained 'well-capitalized, with a high-quality, liquid balance sheet and peer-leading capital ratios'



On Wednesday, SVB CEO Greg Becker insisted in a letter to investors that the bank remained 'well-capitalized, with a high-quality, liquid balance sheet and peer-leading capital ratios'
On Thursday night, Founders Fund, the venture capital fund co-founded by Peter Thiel (above), advised companies to pull money from Silicon Valley Bank



On Thursday night, Founders Fund, the venture capital fund co-founded by Peter Thiel (above), advised companies to pull money from Silicon Valley Bank
Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California


Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California
Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California


Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California
A sign posted at entrance to Silicon Valley Bank is shown in Santa Clara, Calif., Friday


A sign posted at entrance to Silicon Valley Bank is shown in Santa Clara, Calif., Friday
Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara


Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara
People walk through the parking lot at the Silicon Valley Bank (SVB) headquarters in Santa Clara on Friday


People walk through the parking lot at the Silicon Valley Bank (SVB) headquarters in Santa Clara on Friday
That plan failed to calm investors who worried whether the capital raise would be enough to cover the bank's rapidly dwindling deposits.
SVB said its deposits were dropping faster than it had expected due to increased spending by its clients, largely technology and healthcare startups, as new infusions of venture capital dry up amid rising interest rates.
In response, billionaire hedge funder Bill Ackman led calls for a government bailout for troubled SVB, saying the bank's implosion would harm the broader economy.
'The failure of SVB Financial could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash,' wrote Ackman in a tweet.
'If private capital can't provide a solution, a highly dilutive gov't preferred bailout should be considered,' he added.
SVB revealed on Thursday that it is battling cash burn due to declining deposits from tech startups struggling with a venture capital funding drought.
The company's assets and deposits had nearly doubled in 2021, and the bank poured much of those funds into US Treasuries and other government bonds.
But as rising interest rates battered the tech startups that the bank primarily serves, declining deposits forced SVB to sell off bond holdings -- which in the meantime had plunged in market value due to the rising rate environment.
However, SVB CEO Greg Becker insisted in a letter to investors that the bank remains 'well-capitalized, with a high-quality, liquid balance sheet and peer-leading capital ratios.'
Billionaire hedge funder Bill Ackman led calls for a government bailout for troubled SVB, which caters to the tech startups of Silicon Valley



Billionaire hedge funder Bill Ackman led calls for a government bailout for troubled SVB, which caters to the tech startups of Silicon Valley
68553501-11844515-image-a-29_1678470707137.jpg



Nevertheless, the situation at SVB inevitably drew comparisons to prior bank runs in US history, some of which had disastrous consequences.
A bank run is when customers rapidly withdraw their deposits from a financial institution due to fears it might fail, which can become a self-fulling prophecy if the rapid decline in deposits drives the bank into default.
The onset of the Great Depression in the early 1930s was marked by a large number of runs on commercial banks, in a panic that wrought disaster on the economy.
In 1931, New York's Bank of the United States collapsed in a bank run. It had more than $200 million in deposits at the time, or $3.8 billion in today's dollars, and the failure triggered a slew of runs on other banks.
The largest bank failure in US history was the September 2008 collapse of Washington Mutual, then the largest savings and loan in the country and the sixth-largest overall financial institution.
After customers withdrew $16.7 billion in deposits over a 10-day period, federal regulators took the highly unusual step of shutting down WaMu on a Thursday.
Normally, the the Federal Deposit Insurance Corporation seizes collapsing banks at the close of business on Friday, to allow another institution to take over operations at the failed bank over the weekend.
The FDIC protects the money depositors place in insured banks in the unlikely event of failure. Each depositor is insured to at least $250,000 per insured bank.
This week, the turmoil at SVP sparked a market selloff in peers with similar exposure, with shares of San Francisco-headquartered First Republic slumping 16.52% Thursday after hitting its lowest level since October 2020.
The situation also raised fears of broader market contagion, after the S&P 500 bank index tumbled more than 6% in its biggest one-day drop in over two years on Thursday.
The four largest US banks -- JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup -- saw their share prices plunge between 4% and 6%, wiping $52.3 billion from their collective market capitalizations for the day.
Declines at the massive big four banks, while smaller in percentage, dragged markets lower, with the 5.4% loss at JPMorgan weighing more than any other stock on the S&P 500.
Silicon Valley Bank headquarters is seen in Santa Clara, California. The bank is the 18th largest bank in the US with assets of $212 billion as of September



Silicon Valley Bank headquarters is seen in Santa Clara, California. The bank is the 18th largest bank in the US with assets of $212 billion as of September
'The Silicon Valley raise got everybody nervous about people's capital levels and what deposits are doing. A lot of institutional investors don't feel great about owning certain banks right now,' R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York, told Reuters.
'It just gets people freaked out because Silicon Valley, historically has been a very strong, well-run bank. If they're having issues right now, people are wondering what about other banks that are lesser quality and that don't have the reputation that Silicon Valley Bank has.'
Turmoil at SVB followed Federal Reserve Chair Jerome Powell's testimony this week, where he said the central bank would likely need to raise interest rates more than expected in response to recent strong inflation data.
The rout at SVB has already triggered investor concerns about the health of other US and European banks.
The S&P 500 bank index dropped 6.6% on Thursday, while a selloff in major European lenders on Friday weighed on the region's main indexes.
However, some analysts viewed the fears as overblown, and saw the volatility as an opportunity to pick up banking stocks at a discount.
'Fears about unrealized losses in banks' bond portfolios, catalyzed by sharp falls in US banks' share prices yesterday, presents a buying opportunity for European banks in our view,' Credit Suisse analysts wrote in a note.
The chaos on Wall Street subsided somewhat on Friday, with JPMorgan shares rising less than 1% in early trading, and stock in the other major US banks dropping between 0.75% and 1.6%.
 

20 banks that are sitting on huge potential securities losses—as was SVB​

Last Updated: March 11, 2023 at 8:13 a.m. ETFirst Published: March 10, 2023 at 3:14 p.m. ET
By

Philip van Doorn​


Link: https://www.marketwatch.com/story/2...otential-securities-lossesas-was-svb-c4bbcafa

SVB Financial Group faced a perfect storm, but there are plenty of other banks that would face big losses if they were forced to dump securities to raise cash​

im-740808

Bank depositors can be quick to bail if there is any hint of a liquidity problem.​


Silicon Valley Bank has failed following a run on deposits, after its parent company’s share price crashed a record 60% on Thursday.
Trading of SVB Financial Group’s SIVB, -60.41% stock was halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was “monitoring very carefully.” Reaction poured in from several analysts who discussed the bank’s liquidity risk.
California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Administration later on Friday.
Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we will show how much they reported in unrealized losses on securities — an item that played an important role in SVB’s crisis.
Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses, as a percentage of total capital, as of Dec. 31.

First, a quick look at SVB​

Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index RUA, -1.70% as of Dec. 31. That makes it the largest U.S. bank failure since Washington Mutual in 2008.
One unique aspect of SVB was its decades-long focus on the venture capital industry. The bank’s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion dollars in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because “client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.”
SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn’t completed.
So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem.

Unrealized losses on securities​

Banks leverage their capital by gathering deposits or borrowing money either to lend the money out or purchase securities. They earn the spread between their average yield on loans and investments and their average cost for funds.
The securities investments are held in two buckets:
  • Available for sale — these securities (mostly bonds) can be sold at any time, and under accounting rules are required to be marked to market each quarter. This means gains or losses are recorded for the AFS portfolio continually. The accumulated gains are added to, or losses subtracted from, total equity capital.
  • Held to maturity — these are bonds a bank intends to hold until they are repaid at face value. They are carried at cost and not marked to market each quarter.
In its regulatory Consolidated Financial Statements for Holding Companies—FR Y-9C, filed with the Federal Reserve, SVB Financial, reported a negative $1.911 billion in accumulated other comprehensive income as of Dec. 31. That is line 26.b on Schedule HC of the report, for those keeping score at home. You can look up regulatory reports for any U.S. bank holding company, savings and loan holding company or subsidiary institution at the Federal Financial Institution Examination Council’s National Information Center. Be sure to get the name of the company or institution right — or you may be looking at the wrong entity.
Here’s how accumulated other comprehensive income (AOCI) is defined in the report: “Includes, but is not limited to, net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and accumulated defined benefit pension and other postretirement plan adjustments.”
In other words, it was mostly unrealized losses on SVB’s available-for-sale securities. The bank booked an estimated $1.8 billion loss when selling “substantially all” of these securities on March 8.

The list of 10 banks with unfavorable interest margin trends​

On the regulatory call reports, AOCI is added to regulatory capital. Since SVB’s AOCI was negative (because of its unrealized losses on AFS securities) as of Dec. 31, it lowered the company’s total equity capital. So a fair way to gauge the negative AOCI to the bank’s total equity capital would be to divide the negative AOCI by total equity capital less AOCI — effectively adding the unrealized losses back to total equity capital for the calculation.
Getting back to our list of 10 banks that raised similar red margin flags to those of SVB, here’s the same group, in the same order, showing negative AOCI as a percentage of total equity capital as of Dec. 31. We have added SVB to the bottom of the list. The data was provided by FactSet:
Bank
Ticker
City
AOCI ($mil)
Total equity capital ($mil)
AOCI/ TEC – AOCI
Total assets ($mil)
Customers Bancorp Inc.West Reading, Pa.
-$163​
$1,403​
-10.4%​
$20,896​
First Republic BankSan Francisco
-$331​
$17,446​
-1.9%​
$213,358​
Sandy Spring Bancorp Inc.Olney, Md.
-$132​
$1,484​
-8.2%​
$13,833​
New York Community Bancorp Inc.Hicksville, N.Y.
-$620​
$8,824​
-6.6%​
$90,616​
First Foundation Inc.Dallas
-$12​
$1,134​
-1.0%​
$13,014​
Ally Financial Inc.Detroit
-$4,059​
$12,859​
-24.0%​
$191,826​
Dime Community Bancshares Inc.Hauppauge, N.Y.
-$94​
$1,170​
-7.5%​
$13,228​
Pacific Premier Bancorp Inc.Irvine, Calif.
-$265​
$2,798​
-8.7%​
$21,729​
Prosperity Bancshare Inc.Houston
-$3​
$6,699​
-0.1%​
$37,751​
Columbia Financial, Inc.Fair Lawn, N.J.
-$179​
$1,054​
-14.5%​
$10,408​
SVB Financial GroupSanta Clara, Calif.
-$1,911​
$16,295​
-10.5%​
$211,793​
Source: FactSet​
Click on the tickers for more about each bank.
Read Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.
Ally Financial Inc. ALLY, -5.70% — the third largest bank on the list by Dec. 31 total assets — stands out as having the largest percentage of negative accumulated comprehensive income relative to total equity capital as of Dec. 31.
To be sure, these numbers don’t mean that a bank is in trouble, or that it will be forced to sell securities for big losses. But SVB had both a troubling pattern for its interest margins and what appeared to be a relatively high percentage of securities losses relative to capital as of Dec. 31.

Banks with the highest percentage of negative AOCI to capital​

There are 108 banks in the Russell 3000 Index RUA, -1.70% that had total assets of at least $10.0 billion as of Dec. 31. FactSet provided AOCI and total equity capital data for 105 of them. Here are the 20 which had the highest ratios of negative AOCI to total equity capital less AOCI (as explained above) as of Dec. 31:
Bank
Ticker
City
AOCI ($mil)
Total equity capital ($mil)
AOCI/ (TEC – AOCI)
Total assets ($mil)
Comerica Inc.Dallas
-$3,742​
$5,181​
-41.9%​
$85,406​
Zions Bancorporation N.A.Salt Lake City
-$3,112​
$4,893​
-38.9%​
$89,545​
Popular Inc.San Juan, Puerto Rico
-$2,525​
$4,093​
-38.2%​
$67,638​
KeyCorpCleveland
-$6,295​
$13,454​
-31.9%​
$189,813​
Community Bank System Inc.DeWitt, N.Y.
-$686​
$1,555​
-30.6%​
$15,911​
Commerce Bancshares Inc.Kansas City, Mo.
-$1,087​
$2,482​
-30.5%​
$31,876​
Cullen/Frost Bankers Inc.San Antonio
-$1,348​
$3,137​
-30.1%​
$52,892​
First Financial Bankshares Inc.Abilene, Texas
-$535​
$1,266​
-29.7%​
$12,974​
Eastern Bankshares Inc.Boston
-$923​
$2,472​
-27.2%​
$22,686​
Heartland Financial USA Inc.Denver
-$620​
$1,735​
-26.3%​
$20,244​
First BancorpSouthern Pines, N.C.
-$342​
$1,032​
-24.9%​
$10,644​
Silvergate Capital Corp. Class ALa Jolla, Calif.
-$199​
$603​
-24.8%​
$11,356​
Bank of Hawaii CorpHonolulu
-$435​
$1,317​
-24.8%​
$23,607​
Synovus Financial Corp.Columbus, Ga.
-$1,442​
$4,476​
-24.4%​
$59,911​
Ally Financial IncDetroit
-$4,059​
$12,859​
-24.0%​
$191,826​
WSFS Financial Corp.Wilmington, Del.
-$676​
$2,202​
-23.5%​
$19,915​
Fifth Third BancorpCincinnati
-$5,110​
$17,327​
-22.8%​
$207,452​
First Hawaiian Inc.Honolulu
-$639​
$2,269​
-22.0%​
$24,666​
UMB Financial Corp.Kansas City, Mo.
-$703​
$2,667​
-20.9%​
$38,854​
Signature BankNew York
-$1,997​
$8,013​
-20.0%​
$110,635​
Again, this is not to suggest that any particular bank on this list based on Dec. 31 data is facing the type of perfect storm that has hurt SVB Financial. A bank sitting on large paper losses on its AFS securities may not need to sell them. In fact Comerica Inc. CMA, -5.01%, which tops the list, also improved its interest margin the most over the past four quarters, as shown here.
But it is interesting to note that Silvergate Capital Corp. SI, -11.27%, which focused on serving clients in the virtual currency industry, made the list. It is shuttering its bank subsidiary voluntarily.
Another bank on the list facing concern among depositors is Signature Bank SBNY, -22.87% of New York, which has a diverse business model, but has also faced a backlash related to the services it provides to the virtual currency industry. The bank’s shares fell 12% on Thursday and were down another 24% in afternoon trading on Friday.
Signature Bank said in a statement that it was in a “strong, well-diversified financial position.”
 
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