Bast Amron

Miami Business and Bankruptcy Litigation Law Firm

SILICON VALLEY BANK AND SIGNATURE BANK: WHERE THINGS STAND AND WHAT TO KNOW

SILICON VALLEY BANK AND SIGNATURE BANK: WHERE THINGS STAND AND WHAT TO KNOW

by

March 13th, 2023 - Posted in Client Alert by Dain de Souza and Hunter Grasso

On Friday, March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. The FDIC has since announced that it has transferred all deposits and substantially all of SVB’s assets to a bridge bank. Citing a need “to protect depositors,” a second bank, Signature Bank, was closed by New York regulators on Sunday, March 12, 2023. The FDIC was appointed receiver and transferred all deposits and substantially all of Signature Bank’s assets to Signature Bridge Bank, N.A. The broader ramifications on the banking sector and other industries remain to be seen. (more…)

Coronavirus Business Challenges

Coronavirus Business Challenges

by

March 18th, 2020 - Posted in BA Blog, Client Alert by Jamie Leggett

The novel coronavirus (COVID-19) has begun its disruption of the United States and the world.  Scientific knowledge and public responses are changing day by day. Still, the fallout is already beginning to appear: a recent NPR/PBS NewsHour/Marist poll says that 18% of Americans report being let go or having their hours reduced. (more…)