*SILICON VALLEY BANK IS LARGEST FAILURE SINCE 2008 CRISIS, BILLIONS STRANDED -
- Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.
As it tried to raise capital to offset fleeing deposits, the bank lost $1.8 billion on Treasury bonds whose values were torpedoed by the Fed rate hikes. The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, the FDIC said.
It's unclear if any buyer will step up to buy these assets without SVB Financial having filed for bankruptcy first. Credit ratings agency S&P Global Ratings said on Friday it expected SVB Financial to enter bankruptcy because of its liabilities.Companies such as video game maker Roblox Corp and streaming device maker) Inc said they had hundreds of millions of dollars in deposits at the bank.
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