- An Interview with SFNet’s Co-General Counsels: Bobbi Acord Noland and Jonathan Helfat
- Flagstar Bank Expands Commercial and Private Banking Leadership Team with Key Executive Appointments
- Unlock the Future of Supply Chain Finance: Join SFNet’s December Conference for Key Insights and Networking
- Sallyport Announces $7,000,000 Accounts Receivable Finance Supporting Acquisition
- Public Data in Cross-Border Lending
-
First Citizens Bank Enters into Whole Bank Purchase of Silicon Valley Bridge Bank, N.A.
Mar 27, 2023First-Citizens Bank & Trust Company ("First Citizens Bank"), a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. ("First Citizens") (Nasdaq: FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A.
BofA Securities, Inc. is serving as exclusive financial advisor to First Citizens and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP acted as legal advisor. -
Taking a More Proactive Approach to Retention
Secured finance, much like the rest of financial services, is often a high-pressure industry, requiring long hours to resolve client concerns, handle due diligence, and scout for new prospects. Professionals in the field are commonly answering emails in the wee hours of the morning and late into the night. But the greying of the industry and attrition are causing secured finance executives to take a long, hard look at employee concerns, as well as DEI, recruitment, and retention initiatives. -
Beam Global Secures $100 Million Credit Facility
Mar 23, 2023Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced the execution of a line of credit with supply chain solutions specialist, OCI Group, based in London, UK. OCI is highly experienced in accelerating business performance for high-growth-potential organizations.
-
Steven Janson and Mark Buren Join Cadence Business Finance
Mar 22, 2023Cadence Business Finance, a subsidiary of Cadence Bank (NYSE: CADE), today announced the addition of Steven Janson and Mark Buren as managing directors, expanding the company’s footprint for asset-based lending solutions to middle-market companies.
-
How the Banking Crisis Could Hurt Real Estate Lending
Mar 22, 2023
Banks may cut their exposure to real estate in the wake of the collapse of Silicon Valley Bank and Signature Bank, says Wharton’s Susan Wachter.
-
Wolters Kluwer Compliance Solutions Shares Insights in Response to Silicon Valley Bank and Signature Bank Collapse
Mar 21, 2023In the wake of the recent collapse of Silicon Valley Bank (SVB) and Signature Bank—and subsequent banking industry developments in the U.S. and elsewhere—markets and the public should be reassured by the response of federal regulators to cover depositors and to help maintain confidence and stability in the resilient U.S. banking system amid challenging economic times. That’s according to a senior regulatory compliance expert at Wolters Kluwer Compliance Solutions.
-
New California Disclosure Rules Reduce Capital Available to Small Businesses
Mar 21, 2023
In a poll conducted by the Secured Finance Network (SFNet), since new CA disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000. SFNet is an 80-year-old nonprofit with members representing the $4T U.S. secured finance industry. The new law, requiring sweeping financial disclosures, introduced by CA State Senator Steven M. Glazer in 2018, faced four years of strong opposition before being rolled out in December of 2022.
-
Interview with Gordon Brothers’ New CEO Norma Kuntz
Mar 20, 2023In December, Gordon Brothers announced that Norma Kuntz would be appointed CEO of the company, effective February 13, 2023. Ken Frieze and Michael Frieze will continue to serve the company as chairman and chairman emeritus, respectively.
Kuntz joined Gordon Brothers as its president and chief operating officer in June 2022 and quickly demonstrated her readiness to lead the firm. Prior to Gordon Brothers, she served as the chief operating officer and chief financial officer of global private equity at The Carlyle Group. Her nearly 25 years of financial services industry experience includes global roles within private equity, asset management, alternative investments and valuations, positioning her well to lead a multi-disciplinary global firm poised for growth.
-
Entravision Announces New Credit Facility
Mar 20, 2023Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that on March 17, 2023 the Company entered into a new $275 million credit facility, consisting of a $200 million term loan A and a $75 million revolving credit facility. Led by Bank of America, Wells Fargo, and J.P. Morgan Chase, the new credit facility replaces the Company’s existing credit facility entered into on November 30, 2017.
-
Silicon Valley Bank Collapse Could Mean More VC Challenges for Beauty Startups
The initial panic over the Silicon Valley Bank collapse is over, but the VC-backed beauty startup landscape is now grappling with the potential long-term effects.
Reconsideration of which banks to use to keep their businesses’ cash safe is just the beginning of founders’ concerns, as the closure of the bank could have a broader impact on the VC landscape overall, say experts. Startup beauty brands including outdoor brand Kinfield, skin-care brand Herbivore Botanicals and period health company The Flex Co. were among those banking with Silicon Valley Bank before the collapse. But the event has caused many other startup brands to rethink how and where they store their cash. -
Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
Mar 20, 2023Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
-
UBS Agrees to Buy Credit Suisse for More Than $3 Billion
Mar 20, 2023UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
-
New York Community Bancorp Unit Buys Certain Assets Of Signature Bridge Bank From FDIC
Mar 20, 2023New York Community Bancorp, Inc. (NYCB) announced Monday that its bank subsidiary, Flagstar Bank, N.A., has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from its receiver, the Federal Deposit Insurance Corp. or FDIC.
-
SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value
Mar 20, 2023SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value
-
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to Make Uninsured Deposits Totaling $30 Billion Into First Republic Bank
Mar 20, 2023
Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.
-
In Refinitiv LPC Podcast, Lending Lowdown, Host Maria Dikeos and Guest Peter York Discuss the Silicon Valley Bank and Signature Bank Collapse
In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired Managing Director and Head of large market asset-based loan originations at a major money center bank.
-
SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
Mar 17, 2023
In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse. The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.
-
“Know Your Borrower” Now Has a New Lens
Mar 17, 2023Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.
Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal. -
U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors
Mar 16, 2023While the recent and sudden deterioration of several U.S. banks has been most impactful to the depositors, shareholders and lenders to these institutions, non-bank financial institutions, insurance companies and funds have experienced a variety of knock-on effects that, although not yet material from a rating perspective, serve to underscore the risk of financial system interconnectedness, says Fitch Ratings.
-
Knowledge at Wharton Podcast: Lessons from the Silicon Valley Bank Collapse
Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.
-
First Citizens Bank Enters into Whole Bank Purchase of Silicon Valley Bridge Bank, N.A.
Mar 27, 2023First-Citizens Bank & Trust Company ("First Citizens Bank"), a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. ("First Citizens") (Nasdaq: FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A.
BofA Securities, Inc. is serving as exclusive financial advisor to First Citizens and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP acted as legal advisor. -
Taking a More Proactive Approach to Retention
Secured finance, much like the rest of financial services, is often a high-pressure industry, requiring long hours to resolve client concerns, handle due diligence, and scout for new prospects. Professionals in the field are commonly answering emails in the wee hours of the morning and late into the night. But the greying of the industry and attrition are causing secured finance executives to take a long, hard look at employee concerns, as well as DEI, recruitment, and retention initiatives.
-
Beam Global Secures $100 Million Credit Facility
Mar 23, 2023Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced the execution of a line of credit with supply chain solutions specialist, OCI Group, based in London, UK. OCI is highly experienced in accelerating business performance for high-growth-potential organizations.
-
Steven Janson and Mark Buren Join Cadence Business Finance
Mar 22, 2023Cadence Business Finance, a subsidiary of Cadence Bank (NYSE: CADE), today announced the addition of Steven Janson and Mark Buren as managing directors, expanding the company’s footprint for asset-based lending solutions to middle-market companies.
-
How the Banking Crisis Could Hurt Real Estate Lending
Mar 22, 2023
Banks may cut their exposure to real estate in the wake of the collapse of Silicon Valley Bank and Signature Bank, says Wharton’s Susan Wachter.
-
Wolters Kluwer Compliance Solutions Shares Insights in Response to Silicon Valley Bank and Signature Bank Collapse
Mar 21, 2023In the wake of the recent collapse of Silicon Valley Bank (SVB) and Signature Bank—and subsequent banking industry developments in the U.S. and elsewhere—markets and the public should be reassured by the response of federal regulators to cover depositors and to help maintain confidence and stability in the resilient U.S. banking system amid challenging economic times. That’s according to a senior regulatory compliance expert at Wolters Kluwer Compliance Solutions.
-
New California Disclosure Rules Reduce Capital Available to Small Businesses
Mar 21, 2023
In a poll conducted by the Secured Finance Network (SFNet), since new CA disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000. SFNet is an 80-year-old nonprofit with members representing the $4T U.S. secured finance industry. The new law, requiring sweeping financial disclosures, introduced by CA State Senator Steven M. Glazer in 2018, faced four years of strong opposition before being rolled out in December of 2022.
-
Interview with Gordon Brothers’ New CEO Norma Kuntz
Mar 20, 2023
In December, Gordon Brothers announced that Norma Kuntz would be appointed CEO of the company, effective February 13, 2023. Ken Frieze and Michael Frieze will continue to serve the company as chairman and chairman emeritus, respectively.
Kuntz joined Gordon Brothers as its president and chief operating officer in June 2022 and quickly demonstrated her readiness to lead the firm. Prior to Gordon Brothers, she served as the chief operating officer and chief financial officer of global private equity at The Carlyle Group. Her nearly 25 years of financial services industry experience includes global roles within private equity, asset management, alternative investments and valuations, positioning her well to lead a multi-disciplinary global firm poised for growth.
-
Entravision Announces New Credit Facility
Mar 20, 2023Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that on March 17, 2023 the Company entered into a new $275 million credit facility, consisting of a $200 million term loan A and a $75 million revolving credit facility. Led by Bank of America, Wells Fargo, and J.P. Morgan Chase, the new credit facility replaces the Company’s existing credit facility entered into on November 30, 2017.
-
Silicon Valley Bank Collapse Could Mean More VC Challenges for Beauty Startups
The initial panic over the Silicon Valley Bank collapse is over, but the VC-backed beauty startup landscape is now grappling with the potential long-term effects.
Reconsideration of which banks to use to keep their businesses’ cash safe is just the beginning of founders’ concerns, as the closure of the bank could have a broader impact on the VC landscape overall, say experts. Startup beauty brands including outdoor brand Kinfield, skin-care brand Herbivore Botanicals and period health company The Flex Co. were among those banking with Silicon Valley Bank before the collapse. But the event has caused many other startup brands to rethink how and where they store their cash. -
Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
Mar 20, 2023Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
-
UBS Agrees to Buy Credit Suisse for More Than $3 Billion
Mar 20, 2023UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
-
New York Community Bancorp Unit Buys Certain Assets Of Signature Bridge Bank From FDIC
Mar 20, 2023New York Community Bancorp, Inc. (NYCB) announced Monday that its bank subsidiary, Flagstar Bank, N.A., has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from its receiver, the Federal Deposit Insurance Corp. or FDIC.
-
SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value
Mar 20, 2023SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value
-
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to Make Uninsured Deposits Totaling $30 Billion Into First Republic Bank
Mar 20, 2023
Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.
-
In Refinitiv LPC Podcast, Lending Lowdown, Host Maria Dikeos and Guest Peter York Discuss the Silicon Valley Bank and Signature Bank Collapse
In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired Managing Director and Head of large market asset-based loan originations at a major money center bank.
-
SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
Mar 17, 2023
In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse. The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.
-
“Know Your Borrower” Now Has a New Lens
Mar 17, 2023Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.
Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal. -
U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors
Mar 16, 2023While the recent and sudden deterioration of several U.S. banks has been most impactful to the depositors, shareholders and lenders to these institutions, non-bank financial institutions, insurance companies and funds have experienced a variety of knock-on effects that, although not yet material from a rating perspective, serve to underscore the risk of financial system interconnectedness, says Fitch Ratings.
-
Knowledge at Wharton Podcast: Lessons from the Silicon Valley Bank Collapse
Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.
-
First Citizens Bank Enters into Whole Bank Purchase of Silicon Valley Bridge Bank, N.A.
Mar 27, 2023First-Citizens Bank & Trust Company ("First Citizens Bank"), a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. ("First Citizens") (Nasdaq: FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A.
BofA Securities, Inc. is serving as exclusive financial advisor to First Citizens and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP acted as legal advisor. -
Taking a More Proactive Approach to Retention
Secured finance, much like the rest of financial services, is often a high-pressure industry, requiring long hours to resolve client concerns, handle due diligence, and scout for new prospects. Professionals in the field are commonly answering emails in the wee hours of the morning and late into the night. But the greying of the industry and attrition are causing secured finance executives to take a long, hard look at employee concerns, as well as DEI, recruitment, and retention initiatives.
-
Beam Global Secures $100 Million Credit Facility
Mar 23, 2023Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced the execution of a line of credit with supply chain solutions specialist, OCI Group, based in London, UK. OCI is highly experienced in accelerating business performance for high-growth-potential organizations.
-
Steven Janson and Mark Buren Join Cadence Business Finance
Mar 22, 2023Cadence Business Finance, a subsidiary of Cadence Bank (NYSE: CADE), today announced the addition of Steven Janson and Mark Buren as managing directors, expanding the company’s footprint for asset-based lending solutions to middle-market companies.
-
How the Banking Crisis Could Hurt Real Estate Lending
Mar 22, 2023
Banks may cut their exposure to real estate in the wake of the collapse of Silicon Valley Bank and Signature Bank, says Wharton’s Susan Wachter.
-
Wolters Kluwer Compliance Solutions Shares Insights in Response to Silicon Valley Bank and Signature Bank Collapse
Mar 21, 2023In the wake of the recent collapse of Silicon Valley Bank (SVB) and Signature Bank—and subsequent banking industry developments in the U.S. and elsewhere—markets and the public should be reassured by the response of federal regulators to cover depositors and to help maintain confidence and stability in the resilient U.S. banking system amid challenging economic times. That’s according to a senior regulatory compliance expert at Wolters Kluwer Compliance Solutions.
-
New California Disclosure Rules Reduce Capital Available to Small Businesses
Mar 21, 2023
In a poll conducted by the Secured Finance Network (SFNet), since new CA disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000. SFNet is an 80-year-old nonprofit with members representing the $4T U.S. secured finance industry. The new law, requiring sweeping financial disclosures, introduced by CA State Senator Steven M. Glazer in 2018, faced four years of strong opposition before being rolled out in December of 2022.
-
Interview with Gordon Brothers’ New CEO Norma Kuntz
Mar 20, 2023
In December, Gordon Brothers announced that Norma Kuntz would be appointed CEO of the company, effective February 13, 2023. Ken Frieze and Michael Frieze will continue to serve the company as chairman and chairman emeritus, respectively.
Kuntz joined Gordon Brothers as its president and chief operating officer in June 2022 and quickly demonstrated her readiness to lead the firm. Prior to Gordon Brothers, she served as the chief operating officer and chief financial officer of global private equity at The Carlyle Group. Her nearly 25 years of financial services industry experience includes global roles within private equity, asset management, alternative investments and valuations, positioning her well to lead a multi-disciplinary global firm poised for growth.
-
Entravision Announces New Credit Facility
Mar 20, 2023Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced that on March 17, 2023 the Company entered into a new $275 million credit facility, consisting of a $200 million term loan A and a $75 million revolving credit facility. Led by Bank of America, Wells Fargo, and J.P. Morgan Chase, the new credit facility replaces the Company’s existing credit facility entered into on November 30, 2017.
-
Silicon Valley Bank Collapse Could Mean More VC Challenges for Beauty Startups
The initial panic over the Silicon Valley Bank collapse is over, but the VC-backed beauty startup landscape is now grappling with the potential long-term effects.
Reconsideration of which banks to use to keep their businesses’ cash safe is just the beginning of founders’ concerns, as the closure of the bank could have a broader impact on the VC landscape overall, say experts. Startup beauty brands including outdoor brand Kinfield, skin-care brand Herbivore Botanicals and period health company The Flex Co. were among those banking with Silicon Valley Bank before the collapse. But the event has caused many other startup brands to rethink how and where they store their cash. -
Danimer Scientific Announces Improved Liquidity Position with Closing of $130 Million Senior Secured Term Loan
Mar 20, 2023Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next-generation bioplastics company focused on the development and production of biodegradable materials, today announced it had closed a new senior secured term loan (“Term Loan”) with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy.
-
UBS Agrees to Buy Credit Suisse for More Than $3 Billion
Mar 20, 2023UBS Group AG agreed to take over its longtime rival Credit Suisse Group AG for more than $3 billion, pushed into the biggest banking deal in years by regulators eager to halt a dangerous decline in confidence in the global banking system.
-
New York Community Bancorp Unit Buys Certain Assets Of Signature Bridge Bank From FDIC
Mar 20, 2023New York Community Bancorp, Inc. (NYCB) announced Monday that its bank subsidiary, Flagstar Bank, N.A., has acquired certain assets and assumed certain liabilities of Signature Bridge Bank from its receiver, the Federal Deposit Insurance Corp. or FDIC.
-
SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value
Mar 20, 2023SVB Financial Group ("the Company") (NASDAQ: SIVB) today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value
-
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank to Make Uninsured Deposits Totaling $30 Billion Into First Republic Bank
Mar 20, 2023
Action by the largest U.S. banks reflects their confidence in the country’s banking system and helps ensure First Republic has the liquidity to continue serving its customers.
Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY-Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion.
-
In Refinitiv LPC Podcast, Lending Lowdown, Host Maria Dikeos and Guest Peter York Discuss the Silicon Valley Bank and Signature Bank Collapse
In less than one week, both Silicon Valley Bank and Signature Bank collapsed over the course of three days. How do these bank failures differ from what the market faced in 2008? What does it mean for the syndicated bank loan market? Host Maria Dikeos talks to Peter B. York, Adjunct Professor at Ohio State University and recently retired Managing Director and Head of large market asset-based loan originations at a major money center bank.
-
SFNet Reaches Out to Leading Trade Associations Regarding Banking Crisis
Mar 17, 2023
In letters to officials at leading US industry vertical trade associations, including the National Association of Manufacturers and National Retail Federation, SFNet President Jennifer Palmer and CEO Richard Gumbrecht, offered support to their membership in light of the recent disruption sparked by the SVB collapse. The outreach comes at a tumultuous time for many borrowers and extends “economic lifelines” to current and prospective borrowers.
-
“Know Your Borrower” Now Has a New Lens
Mar 17, 2023Longstanding guidance to “know your borrower” is respected for good reason. The recent and unexpected upheaval in the banking and lending sector is triggering a renewed focus on financial risk management relating to borrowers and potential borrowers.
Banks and lenders need a clear understanding of the treasury-management function and risk-mitigation strategies employed by their borrowers and potential borrowers. As in previous challenging economic environments, the current uncertainty is an unpleasant, but beneficial, reminder to evaluate – or re-evaluate – these important functions and strategies. The Treasury Management Gap Analysis is an essential way to achieve this goal. -
U.S. Bank Fallout Extends to Various Non-Bank Financial Sectors
Mar 16, 2023While the recent and sudden deterioration of several U.S. banks has been most impactful to the depositors, shareholders and lenders to these institutions, non-bank financial institutions, insurance companies and funds have experienced a variety of knock-on effects that, although not yet material from a rating perspective, serve to underscore the risk of financial system interconnectedness, says Fitch Ratings.
-
Knowledge at Wharton Podcast: Lessons from the Silicon Valley Bank Collapse
Wharton finance professor Itamar Drechsler discusses what led to the collapse of SVB and the questions it raises for banks, depositors, and regulators going forward.
