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Three top U.S. officials are likely to face pointed questions from lawmakers Tuesday about their oversight of Silicon Valley Bank and Signature Bank, as well as their response when the banks collapsed.The hearing is the first step on Capitol Hill in what could be a monthslong process probing how the two banks quickly failed and whether stricter supervision by financial regulators could have prevented their demise. Michael Barr, vice chair for supervision at the Federal Reserve;…

A fast-growing North Carolina lender with a history of buying failed banks is taking on its largest challenge yet with its purchase of Silicon Valley Bank. First Citizens BancShares Inc.’s FCNCB 45.45% acquisition of the bulk of SVB’s assets will effectively double the size of the 125-year-old lender, which for most of its history was controlled by one family and operated mainly in North Carolina. The Raleigh-based bank, which had $42 billion in assets three years ago,…

Silicon Valley Bank, once triumphantly dubbed the “financial partner of the innovation economy,” before its recent historic collapse, is being acquired by First Citizens, a legacy banking institution founded in 1898. The new deal will see First Citizens take on the entirety of SVB’s loans and deposits just two weeks after the bank sent shockwaves through the financial industry with its sudden implosion. First Citizen announced the deal on Monday in partnership with the Federal Deposit Insurance Corporation (FDIC), which…

Immediate action by the government to help Indian startups in the aftermath of Silicon Valley Bank (SVB) collapse ensured they were not adversely impacted by the "minor crisis", Union Minister Ashwini Vaishnaw said on Monday. He also exhorted the entire startup community to think of the Indian banking sector as their trusted partner. Vaishnaw, Minister for IT and Communications, also noted the rapid strides taken by India in areas of Artificial Intelligence (AI) and quantum computing. Speaking at India Global Forum…

With Silicon Valley Bank’s future uncertain, startups backed by venture capital looking for new lenders are facing higher borrowing costs, onerous terms or even closed doors, potentially throttling their growth.   Artificial-intelligence startup Artifact has hit a wall trying to secure credit from several large banks, said co-founder and Chief Executive Nate Sanders. The Salt Lake City startup began looking for alternatives for its multimillion-dollar venture-debt facility with SVB when the bank collapsed…

WASHINGTON—For 15 years, regulators and legislators have assumed the biggest risks to the financial system came from a handful of “too big to fail” banks. This month’s failure of Silicon Valley Bank and Signature Bank—and last week’s bank-led rescue of a third lender, First Republic Bank FRC -30.61% —suggests that focus on size may have blinded officials to the threat posed by smaller lenders, observers and former regulators say. Since the 2008 crisis, the Federal…

It took just a few days for Silicon Valley Bank from being one of the most sought-after financial institutions among startup founders and the tech community to bring shut down by US regulators.The crisis impacted Indian startups like cross-border SaaS firms and Y Combinator’s portfolio firms.Here are the top stories from the week to understand how the fallout of the bank affected the domestic startup ecosystem. Startups on the lookout for ways to move funds from SVBStartups with funds in SVB are finalising ways to…

Sara Mauskopf's day-to-day concerns - her customers, her employees, her own three children - don't typically involve the Federal Deposit Insurance Corp. She is CEO of Winnie, a startup that helps families find child care and helps child care providers find customers, serving more than 250,000 day care centers and millions of families. Mauskopf, 38, has raised more than $15 million for Winnie since its founding in 2016 and employs 29 people. All of her company's money was in Silicon Valley Bank.So when the bank collapsed…

Before it crashed, Silicon Valley Bank was known to many startups and venture firms as the place to park their money or take out a capital line. But for emerging managers, it was a lot more than just a financial institution. Multiple emerging managers told TechCrunch+ that SVB was instrumental in helping them build their firms from the ground up. It also provided support to help them build networks and feel included in the venture ecosystem despite their size. After the bank’s collapse and the…

Main Street businesses and American families are likely to find it harder to get a loan because of turmoil in the banking industry, denting economic growth and raising the risk of a recession. “Once there is stress in a particular set of institutions, then those institutions and those that have similarities will tend to be more cautious in their lending,” he said. “We’re likely to be in this state for a prolonged period.” Smaller banks are crucial drivers of credit growth, the fuel that powers the economy.…