The great unwinding of Silicon Valley Bank’s ambitions has a special sting in Boston, where the failed bank’s parent had vacuumed up two local institutions in recent years, part of its bid to build an empire serving the tech sector.
Ben Howe, chief executive of the Boston investment banking firm AGC Partners, says he wouldn’t be surprised to see that outcome. , after federal regulators decided to make depositors whole — pledging to reimburse all their deposits instead of just the insured $250,000 per account. So far, the bank’s failure has not been linked to SVB’s other businesses. Rather, it’s been blamed on the bank investing in U.S. Treasury bonds that plunged in value as interest rates climbed over the past several months. The company had to sell some of the bonds to raise cash and took a big loss; customers concerned about SVB’s finances started a run on the bank, withdrawing billions of dollars over a couple of days, and leading regulators to take over.
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