Following Silicon Valley Bank's precipitous fall this morning, when its shares plummeted more than 60 percent in pre-market trading, the state of California, through the U.S. Department of Financial Innovation and Protection, ordered the financial institution to cease operations, while guaranteeing that the savings will be available on Monday, March 13.
The announcement has raised concerns in the financial sector, as Silicon Valley Bank (SVB) specialises in the technology sector with businesses that are primarily funded by funds that invest in unlisted companies.
It is worth noting that the Federal Deposit Insurance Corporation guaranteed that the savings will be available