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Mar 10, 2023 · SVB was founded in 1983 over a poker game between Bill Biggerstaff and Robert Medearis, according to a statement from the bank’s 20th anniversary. Since its start, the firm has specialized in...
Sep 24, 2024 · Robert W. (Bob) Medearis, husband, father, real estate developer, and entrepreneur passed away on Sept. 16, 2024. Bob was born the third of three brothers in Kansas City, Kan., on May 18, 1932, to physician Dr. Donald N. Medearis and Gladys Sandford Medearis.
- Oct. 17, 1983
- May 2018
- 2020-2021
- 2022
- Feb. 27, 2023
- March 8-9, 2023
- March 9, 2023
- March 10, 2023
- March 12, 2023
- March 13, 2023
Silicon Valley Bank is founded. It was created by Bill Biggerstaff and Robert Medearis specifically to help startups. It began serving the startup marketduring a time when it was overlooked by the financial services industry. While the bank’s main strategy starting out was to collect deposits from businesses financed through venture capital, it exp...
Former President Donald Trump signed theEconomic Growth, Regulatory Relief and Consumer Protection Act into law. It was a rollback of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act,which added to regulations on financial systems. Essentially, the Economic Growth, Regulatory Relief and Consumer Protection Act exempted smaller and...
SVB’s total bank assets grew over 83% during a time when the COVID-19 pandemic was raging. Its deposits doubled to $102 billion at the end of 2020, the New York Times wrote. In comparison, SVB had $49 billion in 2018. This rise in assets made sense because of market volatility during COVID-19, and also because individuals and companies got governme...
The Federal Reserve started raising interest rates in an attempt to combat high inflation. According toNerdWallet, the Federal Reserve raised the rate seven times in 2022, which made credit more expensive for consumers and businesses. Some have said these higher rates, or at least SVB’s failure to account for them, led to the bank’s collapse. “It’s...
This is the day that SVB President and CEO Greg Becker sold nearly 12,451 shares for $3.6 million, according to a report from Barron’s. That makes the average price of each stock $287.42.
SVB announces it sold a bond portfolio at a $1.8 billion loss. In a concerning letter to customers, Becker said SVB needs to reposition its balance sheet and raise almost $2 billion in capital. Customer deposits, he said, had come in lower than forecast in February. Moody’s Investors Service downgraded the bank’s bond rating, taking it from “stable...
Early on March 9, SVB’s stock plunged. It would ultimately plummet by 60%, according to the New York Times. On a conference call, the Times reported, Becker urged venture capital firms to stay calm, even as investors sounded the alarm on social media. Despite this, SVB’s March 8 announcement caused customer withdrawals, which in turn led to a bank ...
The Federal Deposit Insurance Corporation announced it was taking over SVB. This is considered the second-biggest bank failure in U.S. history, after Washington Mutual’s collapse during the 2008 financial crisis, according to the Wall Street Journal. The FDIC said customers’ insured deposits would be available on Monday, but didn’t say when the uni...
State regulators closed New York-based Signature Bank, in what is the third-largest failure in U.S. banking history. Signature had $110.36 billion in assets and $88.59 billion in deposits at the end of last year, according to New York state’s Department of Financial Services. It was taken over by the FDIC. All of the depositors of Signature Bank an...
Moody’s cut its view on the entire U.S. banking system to “negative.” “We have changed to negative from stable our outlook on the U.S. banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY,” Moody’s...
Mar 17, 2023 · Silicon Valley Bank was founded in 1983 over a poker game between Bill Biggerstaff and Robert Medearis, according to a statement from the bank’s 20th anniversary. Since its start, the firm has...
The Robert Summerfield Medearis Scrapbook were donated to Special Collections, University of Arkansas Libraries in 1978 by Mary Medearis of Washington, Arkansas and Robert Anderson Medearis and Ruth Medearis Mechnewicz.
Mar 17, 2023 · During a poker game, Bill Biggerstaff and Robert Medearis came up with the idea for Silicon Valley Bank. And in 1983, the two, along with the bank’s CEO Roger Smith, opened the first branch in...
Founders of Silicon Valley Bank tell why and how they started a bank that changed the world for entrepreneurial companies. Roger Smith, Bob Medearis, and Bill Biggerstaff (1919–2010) came together in the early 1980s around the idea of creating a commercial bank that would be designed to gather deposits and lend money to early stage venture ...
