‘We don’t even think about it anymore except to say, “Oh my gosh, remember how crazy it was?”‘
Silicon Valley Bank’s rapid fall this month initially felt cataclysmic for the Bay Area’s startup industry. Less than three weeks later, news of the bank’s purchase by First Citizens Bank was met Monday with little more than raised eyebrows.“We don’t even think about it anymore except to say, ‘Oh my gosh, remember how crazy it was?’ ” said Chon Tang, general partner at SkyDeck, UC Berkeley’s startup accelerator.
“I went straight to Chase,” said Finnie, a long-time Bay Area resident now running Egal in Boston. “They were completely overwhelmed but had an all-hands-on-deck attitude.” The Federal Deposit Insurance Corporation said in a statement late Sunday it had approved the purchase by First-Citizens Bank & Trust Co. of most of Silicon Valley Bank’s business. The Raleigh, N.C.-based First Citizens agreed to buy about $72 billion of Silicon Valley Bank’s assets at a discount of $16.5 billion.
Loaning money to startups carries higher risks than typical business lending, and large banks “may or may not have the internal culture needed to embrace the startup model,” said Sean Randolph, senior director of the Bay Area Council’s Economic Institute, a think tank.
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