Silicon Valley Bank - 89 percent not covered by insurance [View all]

the wiki https://en.wikipedia.org/wiki/Collapse_of_Silicon_Valley_Bank

Quotes: On March 10, 2023, Silicon Valley Bank (SVB) closed after a bank run, causing the largest bank failure since the 2008 financial crisis and the second-largest in U.S. history.[1] Reuters reported that, as of the end of 2022, some 89 percent of its US$175 billion in deposit liabilities were not covered by federal deposit insurance.[2]

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The collapse of SVB has caused a ripple effect across the tech sector.[17] In a Securities and Exchange Commission (SEC) filing, streaming media company Roku, Inc. revealed that around a quarter of the company's cash reserves—US$487 million—were held by SVB.[18] Other companies affected by the collapse include video game developer Roblox Corporation and video hosting service Vimeo.[19] Many startups were unable to retrieve money, resulting in companies taking out loans to make payroll.[20] Circle, the issuer of USD Coin (USDC), attested that SVB is one of the six banking partners used by the company to manage its cash reserves for USDC.[21] Vox Media, a media company uninvolved in the startup space, had a "substantial concentration of cash" at the bank.[20]

In the wake of the collapse, concerns have been raised about the stability of other banks, including First Republic Bank and Western Alliance Bancorporation.[22] Shares of both companies fell in the wake of the announcement of SVB's dissolution.[23] In addition, stock values of U.S. banks have lost a combined US$100 billion in two days, and European bank stocks lost US$50 billion.[2] Despite this, some banking experts believe the other banks are able to remain stable. SVB banked a risky sector of the economy, and financial regulations have strengthened since the 2008 recession.[24]