SVB Depositors Will Get Their Money Back. After a turbulent few days, U.S. banking regulators have announced that depositors at Silicon Valley Bank will be able to access their funds on Monday morning. This move will provide relief to the bank's tech-focused clientele and prevent any financial catastrophe. To facilitate the payout of all deposits, the Fed will offer loans of up to one year to qualifying banks.
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First Republic Bank Leads Decline in Bank Shares. First Republic Bank spearheaded a drop in bank shares on Monday, despite regulators' extraordinary actions on Sunday evening to support all depositors in failed Silicon Valley Bank and Signature Bank, and offer additional funding to other distressed institutions. Meanwhile, pre-market trading showed that PacWest Bancorp had fallen 37%, and Western Alliance Bancorp had lost 29%.
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