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SVB Rocks California as Founders Join Napa Vintners in Fear

  • Sudden collapse leaves clients scrambling to get money
  • ‘Seismic’ effect for region all ready struggling from downturn
Bloomberg business news
Silicon Valley Bank Tries to Prevent Bank Run After Shocking Collapse
Updated on

The shocking collapse of Silicon Valley Bank rippled across California Friday to industries far beyond the technology community that it played a major role in shaping. 

From wealthy founders to Napa vineyard owners, clients were scrambling to secure funds or find out basic information about what would happen to their deposits. Anxious customers formed lines outside branches across the Bay Area and fears grew that some companies will struggle to make payroll next week.