After failing to raise capital, Silicon Valley Bank Financial (SIVBP) is in talks to sell itself. As of 9:41AM March 10, 2013, federal regulators have shut the bank down.

CNBC reported, “Large financial institutions are taking a look at a potential purchase of SVB, but a rapid outflow of deposits is making that sale process very difficult,” the sources said.

When the California-based bank unexpectedly announced a $1.8 billion loss due to a decline in deposits and planned to raise $2.25 billion by selling ordinary and preferred stock, SVB’s troubles started. Startups and technology companies, who have been put under strain as the Federal Reserve hikes interest rates, are the main clients of Silicon Valley Bank.

Following SVB’s announcement of an intention to raise more than $2 billion in capital on Wednesday evening, the bank’s shares dropped 60% on Thursday. Before being held for pending news on Friday morning, the stock dropped another 60%. At 9:30 a.m. ET, the shares were still halted and did not open for trade with the rest of the market.

SVB intended to sell $1.25 billion in common stock and an additional $500 million in convertible preference shares under the parameters of a deal disclosed on Wednesday.

On the same day Silicon Valley Bank revealed its disastrous capital raise, Silvergate Capital, another California bank that caters to bitcoin clients, announced a “voluntary liquidation” on Thursday.

Appears that SVB has been closed.

The FDIC link says uninsured depositors (with over $250k?) get a receivership certificate for their uninsured funds.

If I’m reading this right, that means any entity that still has money on SVB now has to go through a bankruptcy claims-like… https://t.co/G7wopzMQBg pic.twitter.com/0oQXq384hg

– Balaji (@balajis) March 10, 2023

Shares in Signature Bank (SBNY), a New York-based organization that provides services to some cryptocurrency clients, were also halted after their price fell by more than 16%.

Shares of First Republic Bank (FRC), which targets high-net-worth clientele in the tech sector and works with some venture-backed businesses, fell as much as 40% early on Friday.

Together with other regional banks Western Alliance Bancorp (WAL) and PacWest Bancorp, its shares were also stopped (PACW).

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