SVB dropped from 286.97 to 0.282 in March

Silicon Valley Bank

dropped from 286.97 to 0.282 in March



The industry has long leaned on regional banks that specialize in entertainment clients. But after Silicon Valley Bank’s failure rattled tech moguls, execs may rethink where they put their money.

The failure of Silicon Valley Bank has sent shock waves throughout U.S. financial institutions. And nowhere was that felt more than at other regional banks. At New York’s Signature Bank — which is one of the two main banks that work with Broadway productions — the board spent days grappling with the repercussions.

Yes, there were outflows on Friday, March 10, as some clients sought to move cash to “safer” banks, but former Massachusetts Democratic Rep. Barney Frank, a Signature Bank board member, says he believed they would be able to open Monday, March 13, without issue.

Nonetheless, he spent the weekend lobbying federal officials to guarantee all deposits. It’s an area Frank knows well, having co-authored the landmark 2010 Dodd-Frank Act, a bill that reformed Wall Street by dramatically overhauling regulation of the financial services industry in an effort to stabilize the sector.

The feds agreed to guarantee the deposits