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

Shingrai Waterfall: Your Ultimate Adventure Destination

Swat, famously known as the "Switzerland of Pakistan," is a land of mesmerizing beauty. It is…

2 days ago

Top 5 Reasons Why Millennials Are Investing in Real Estate

Millennials, often referred to as the “financially cautious generation,” are reshaping the investment landscape. Known…

3 days ago

IMARAT Group’s First Restaurant, Graanic Launches Organic Dining Experience at Mall of IMARAT

Graanic, Pakistan's premier organic food brand, has officially launched its new restaurant at Mall of…

3 days ago

Madyan Swat: The Ultimate Travel Guide

If you’re looking for a destination that combines breathtaking views, a peaceful ambiance, and unforgettable…

3 days ago

Real Estate Wealth Management: Trends and Insights for 2025

The real estate sector in Pakistan is undergoing significant transformations, and wealth management strategies are…

4 days ago

Federal Government’s Rental Rate Increase Hits Commercial Properties Nationwide

December 19, 2024— In a significant move, the federal government has announced an increase in…

4 days ago