Finance

Panic withdrawals brought down a bank within two days, and many point to some venture capitalists, who urged companies to pull money out of the bank.

The FDIC named Greg Carmichael, who retired last year as CEO of Fifth Third Bancorp, to run a bridge bank that will hold Signature's deposits and most of its assets.

The Treasury Department issued a "systemic risk exception" allowing it to cover uninsured deposits at SVB and Signature Bank, which New York State closed on Sunday.

The Philadelphia bank's new CEO says a planned infusion would let it update its branch footprint, technology and other resources as part of a turnaround.

SVB Financial Group shares extended their plunge before being halted in premarket trading for pending news as prominent venture capitalists recommended companies withdraw their money from the lender.

Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.

The recent drought in deals means the company "may have to repace in certain areas" its investment banking unit has beefed up in for years, including energy, biotechnology and health care, Chief Financial Officer Mark Mason says.

The Dallas-based bank offered a more downbeat forecast than it did back in January, as rising rates have continued to put pressure on deposits.

The expansion stands in contrast to the recent culling across Wall Street as firms look to streamline headcount to keep expenses in check.

The economic picture for its customers is good, according to Jason Wilk, who leads the Los Angeles fintech. He sees no need for new products or capital raises in the coming year to break even.