News about Silicon Valley business almost everyday.
First-Citizens Bank & Trust Company, a subsidiary of Raleigh-NC based First Citizens BancShares, Inc., has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. The […]
BART is moving forward with a purchase of brand-new fare gates to be installed systemwide as part of its latest effort to win riders back and overhaul safety in the system. The new fare gates will bring a new look and improved experience, offering state-of-the-art technology that will boost safety by reducing fare evasion, enhancing […]
SAN FRANCISCO — Revolv, a full-service provider of electric medium-to-heavy commercial fleets, announced it has closed a $15 million Series A funding round led by an affiliated fund of Greenbacker Capital Management. With the investment, Revolv plans to expand its operations across North America to support the growing demand for decarbonized commercial fleets with light, medium and heavy-duty trucks. The company […]
Eleven major banks are depositing a combined $30 billion in First Republic Bank of San Francisco in a sign of support for the struggling bank. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each […]
The Federal Deposit Insurance Corporation (FDIC) has transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. Depositors will have full access to their money, when Silicon […]
SANTA CLARA — SVB Financial Group (“SVBFG”) announced its Board of Directors has appointed a restructuring committee consisting of five independent directors to explore strategic alternatives for the holding company and its SVB Capital and SVB Securities businesses, as well as its other assets and investments. Both of these businesses are separate divisions of SVBFG […]
Silicon Valley Bank has been taken over by the government. The Santa Clara-based bank was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of […]
SVB Financial, the holding company for Silicon Valley Bank, saw its stock collapse Thursday after announcing a stock sale and capital raise. Shares plummeted $160 or 60% on Thursday as investors rushed to sell and also plummeted on Friday morning leading to a halt in trading. The problems started Thursday when SVB Financial announced it […]
Google’s Pixel Watch has unveiled Fall detection, giving users more ways to keep safe and get help when you need it most. It’s a feature already available in many versions of the Apple Watch. Once activated, fall detection in the Pixel Watch uses motion sensors built in to the watch and on-device machine learning to […]
Acclaimed actor Robert De Niro will star in a new Netflix limited series Zero Day, a conspiracy thriller. De Niro will also serve as executive producer and this will be his first TV series. The series is from Creator / Executive Producer Eric Newman under his Grand Electric Productions deal with Netflix, and Creator / […]
Eli Lilly and Company announced price reductions of 70% for its most commonly prescribed insulins and an expansion of its Insulin Value Program that caps patient out-of-pocket costs at $35 or less per month. Lilly is taking these actions to make it easier to access Lilly insulin and help Americans who may have difficulty navigating a complex healthcare system […]
California home sales edged up in January for the second straight month, as interest rates continued to take a breather, but still remained below the 250,000-unit sales pace for the third straight month, according to the California Association of Realtors. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized […]