{"id":522684,"date":"2023-03-11T13:16:06","date_gmt":"2023-03-11T13:16:06","guid":{"rendered":"https:\/\/wncen.com\/?p=522684"},"modified":"2023-03-11T13:16:06","modified_gmt":"2023-03-11T13:16:06","slug":"long-queues-seen-at-silicon-valley-bank-owned-boston-private-a-bank-run","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/long-queues-seen-at-silicon-valley-bank-owned-boston-private-a-bank-run\/","title":{"rendered":"Long Queues Seen At Silicon Valley Bank-Owned Boston Private &#8211; A Bank Run?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Long queues have been observed at Boston Private, a banking service provider, that was recently acquired by Silicon Valley Bank (SVB).\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Bank Run At Boston Private Bank?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">According to Lawrence Lepard, an investment manager, Boston Private might be currently experiencing a bank run.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of March 11, there were long queues as depositors looked to withdraw their hard-earned cash.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Shades of 1930\u2019s.  This is my bank in Wellesley this morning.  Boston Private Bank, recently acquired by Silicon Valley Bank.  Ruh, roh. <a href=\"https:\/\/t.co\/MAD46ozShx\" rel=\"nofollow\">pic.twitter.com\/MAD46ozShx<\/a><\/p>\n<p>&mdash; Lawrence Lepard, &quot;fix the money, fix the world&quot; (@LawrenceLepard) <a href=\"https:\/\/twitter.com\/LawrenceLepard\/status\/04421632?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">In 2021, Boston Private was<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.svb.com\/private-bank\/boston-private\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">\u00a0acquired<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0by SVB for $1 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The collapse of SVB has also put USDC, the stablecoin issued by Circle, a consortium of among other companies, under immense pressure.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the time of writing on March 11, USDC had <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-11\/usd-coin-stablecoin-falls-further-from-peg-on-svb-exposure-risk\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">de-pegged<\/span><\/a><span data-preserver-spaces=\"true\">, trading at $0.96 to the USD.<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/W10j2qjw\/\" alt=\"USDC Price On March 11| Source: Gemini On TradingView\" width=\"1280\" height=\"581\"><figcaption class=\"wp-caption-text\">USDC Price On March 11| Source: <a href=\"https:\/\/www.tradingview.com\/x\/W10j2qjw\/\" target=\"_blank\" rel=\"noopener nofollow\">Gemini On TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">SVB is one of six banking partners Circle uses for managing around a quarter of its reserves held in cash. While Circle and USDC continue to operate normally, the position of USDC in crypto and the uncertainty surrounding SVB has caused a ripple effect across the market.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/stablecoin\/usdc-is-in-trouble-but-it-wont-go-to-zero-like-ust-did-heres-why\/\">USDC Is In Trouble, But It Won\u2019t Go To Zero Like UST Did \u2013 Here\u2019s Why<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The Federal Deposit Insurance Corporation (FDIC) has stepped in and is now the receiver at SVB. This move would likely prevent a much larger crisis in what is considered one of the largest bank failures since 2008.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All assets held in SVB have now been frozen and can only be accessed by insured depositors. However, uninsured depositors will only be gifted a coupon to access part of their money within the next week. With FDIC as the receiver, many of the bank\u2019s employees would not receive their paychecks if they run their payroll through SVB.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The main office and all branches of SVB will reopen on Monday, March 13. The FDIC will pay uninsured depositors an advance dividend within the next week. As the FDIC sells all the bank\u2019s assets, future dividend payments may be made to uninsured depositors.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Silicon Valley Bank Had Billions In Assets And Deposits\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">As of December 31, 2022, Silicon Valley Bank\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.axios.com\/2023\/03\/10\/silicon-valley-bank-government-control-fdic\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">had<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0approximately $209 billion in total assets and about $175 billion in total deposits. The amount of deposits in excess of the insurance limits is yet to be determined. The number of uninsured deposits will be determined once the FDIC obtains additional information from the bank and its customers.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-rally-fueled-usd-coin-usdc-btc-santiment\/\">Bitcoin Rally Fueled By USD Coin (USDC) Rotating Into BTC: Santiment<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The collapse of SVB is a reminder that the traditional finance system is also very fragile, showing the importance of diversification between fiat and digital assets. It\u2019s worth knowing that while the FDIC has stepped in, less than 3% of users are insured, meaning that most customers, around 97%, may be left holding the bag.<\/span><\/p>\n<div class=\"disclaimer-shortcode\"><em>Feature Image from Jim Wilson\/The New York Times, Chart From TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Long queues have been observed at Boston Private, a banking service provider, that was recently acquired by Silicon Valley Bank (SVB).\u00a0 Bank Run At Boston Private Bank? According to Lawrence Lepard, an investment manager, Boston Private might be currently experiencing a bank run.\u00a0 As of March 11, there were long queues as depositors looked to withdraw their hard-earned cash.\u00a0 Shades of 1930\u2019s. This is my bank in Wellesley this morning. Boston Private Bank, recently acquired by Silicon Valley Bank. Ruh, roh. pic.twitter.com\/MAD46ozShx &mdash; Lawrence Lepard, &quot;fix the money, fix the world&quot; (@LawrenceLepard) March 10, 2023 In 2021, Boston Private was\u00a0acquired\u00a0by SVB for $1 billion. The collapse of SVB has also put USDC, the stablecoin issued by Circle, a consortium of among other companies, under immense pressure.\u00a0 At the time of writing on March 11, USDC had de-pegged, trading at $0.96 to the USD. SVB is one of six banking partners Circle uses for managing around a quarter of its reserves held in cash. While Circle and USDC continue to operate normally, the position of USDC in crypto and the uncertainty surrounding SVB has caused a ripple effect across the market. Related Reading: USDC Is In Trouble, But It Won\u2019t Go To Zero Like UST Did \u2013 Here\u2019s Why The Federal Deposit Insurance Corporation (FDIC) has stepped in and is now the receiver at SVB. This move would likely prevent a much larger crisis in what is considered one of the largest bank failures since 2008.\u00a0 All assets held in SVB have now been frozen and can only be accessed by insured depositors. However, uninsured depositors will only be gifted a coupon to access part of their money within the next week. With FDIC as the receiver, many of the bank\u2019s employees would not receive their paychecks if they run their payroll through SVB. The main office and all branches of SVB will reopen on Monday, March 13. The FDIC will pay uninsured depositors an advance dividend within the next week. As the FDIC sells all the bank\u2019s assets, future dividend payments may be made to uninsured depositors. Silicon Valley Bank Had Billions In Assets And Deposits\u00a0 As of December 31, 2022, Silicon Valley Bank\u00a0had\u00a0approximately $209 billion in total assets and about $175 billion in total deposits. The amount of deposits in excess of the insurance limits is yet to be determined. The number of uninsured deposits will be determined once the FDIC obtains additional information from the bank and its customers. Related Reading: Bitcoin Rally Fueled By USD Coin (USDC) Rotating Into BTC: Santiment The collapse of SVB is a reminder that the traditional finance system is also very fragile, showing the importance of diversification between fiat and digital assets. It\u2019s worth knowing that while the FDIC has stepped in, less than 3% of users are insured, meaning that most customers, around 97%, may be left holding the bag. Feature Image from Jim Wilson\/The New York Times, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":522685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87971,87970,16680],"class_list":["post-522684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-boston-private","tag-silicon-valley-bank","tag-usdc"],"acf":[],"yoast_head":"\n<title>Long Queues Seen At Silicon Valley Bank-Owned Boston Private - A Bank Run?<\/title>\n<meta name=\"description\" content=\"Long queues have been observed at Boston Private, recently acquired by Silicon Valley Bank (SVB).\u00a0USDC remains de-pegged.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/long-queues-seen-at-silicon-valley-bank-owned-boston-private-a-bank-run\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long Queues Seen At Silicon Valley Bank-Owned Boston Private - A Bank Run?\" \/>\n<meta property=\"og:description\" content=\"Long queues have been observed at Boston Private, recently acquired by Silicon Valley Bank (SVB).\u00a0USDC remains de-pegged.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/long-queues-seen-at-silicon-valley-bank-owned-boston-private-a-bank-run\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-11T13:16:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/SVB-Boston-Private.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/long-queues-seen-at-silicon-valley-bank-owned-boston-private-a-bank-run\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/long-queues-seen-at-silicon-valley-bank-owned-boston-private-a-bank-run\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"Long Queues Seen At Silicon Valley Bank-Owned Boston Private &#8211; 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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