Ripples after Fed takeover of SVB

Members of the high-tech and venture capital communities — as well as many in the world beyond — braced today in the immediate aftermath of last week’s Silicon Valley Bank failure, the second largest failure in history.

Fears continued Monday morning: First Republic Bank, the nation’s 14th largest bank and based in San Francisco, saw its shares plummet 78% in the first hour of trading.

But some big relief came Sunday night as top U.S. federal regulators moved to take decisive action to restore confidence in the banking system. The U.S Treasury, Federal Reserve and Federal Deposit Insurance Corp. (FDIC) announced that the FDIC will take control of the bank, and protect all depositors. - JV on VB

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