On Friday the first Silicon Valey Bank collapsed and ended up in FDIC receivership. The reason for the collapse is pretty simple. As interest rates increased, banks like Silicon Valley took non-cash losses on their bond portfolio, resulting in their shareholders equity decreasing. In addition, their loan book deteriorated from their customer’s businesses incrementally getting worse as VC funding dried up. Finally, as interest rates increased across the board depositors for the first time were able to find higher risk-free yields in treasuries, leading to a decrease in deposits.
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