Everyday News

Proptech Hub Silicon Valley Bank Crumbles, Leaving Real Estate Clients in Disarray

SANTA CLARA: In a surprising turn of events, regulators closed down Silicon Valley Bank (SVB), on Friday, which is ranked as the 16th largest bank in the United States due to depositors initiating withdrawals of their funds.

invest with imarat

Islamabad’s emerging city centre

Learn More

As per a report by Inman, California regulators closed down the bank, and the Federal Deposit Insurance Corporation (FDIC) confiscated its assets. In response, the FDIC established a new bank named the National Bank of Santa Clara, which would be responsible for managing the failed bank’s deposits and other assets.

The bank’s abrupt closure has left numerous startups with unfulfilled contracts, and investors are left pondering the fate of their investments.

Some of the prominent real estate clients of the bank included Opendoor, Roofstock, Homebound, Nomad, Airbnb, and Tomo. 

In an effort to contain  any spread of financial instability, US Treasury Secretary Janet Yellen acted swiftly and authorized measures that would permit the FDIC to resolve SVB’s situation “in a manner that fully safeguards all depositors.”

The FDIC, in a statement, assured that all insured depositors would be able to fully access their insured deposits immediately.

For news and blogs, visit Graana.com

Laila Waqar

Laila Waqar is the Content Lead at Graana.com. With a bachelor's degree from LUMS, her expertise lies in curating research-based content in line with market marketing requirements. She is a detailed-oriented professional who focuses on delivering quality content that is enlightening and engaging.

Recent Posts

Garha Mor: A Notable Landmark in Vehari City

Garha Mor, a notable landmark in Vehari, Punjab, Pakistan, is significant in its location, accessibility,…

1 day ago

Aslam Market Wah Cantt: Pleasure of Shopping & Dinning

Located in the center of Wah Cantt, Aslam Market is a vibrant commercial hub that…

2 days ago

Abid Market Lahore: An Iconic Shopping Landmark

Located in the bustling heart of Lahore, Abid Market is a landmark shopping area well…

3 days ago

CDA Chairman Urges Rapid Completion of Major Islamabad Interchanges

ISLAMABAD, Nov 16 (APP): The Chairman of the Capital Development Authority (CDA), Muhammad Ali Randhawa,…

3 days ago

IMARAT Announces Launch of Pakistan’s Largest Sharia-Compliant REIT – A New Era of Real Estate Investment

Islamabad, Pakistan— IMARAT Group, a leading real estate developer and innovator in Pakistan, announces the…

3 days ago

Amma Tower: A Landmark in Urban Living & Commerce

Amma Tower, located in the bustling area of Saddar in Karachi, is a unique blend…

4 days ago