Wine Spectator: The Collapse Of Silicon Valley BankMarch 16, 2023
Shockwaves went through the California wine industry this past weekend after Silicon Valley Bank (SVB) collapsed Friday morning. The bank, which had been America’s 16th largest, is now the second largest to fail in U.S. history, and while it was primarily known for being a favored partner with the tech industry, it was also a leading player in California wine, providing loans, financial advice, and industry support to more than 400 winery clients.
Most people started breathing again on Sunday night, as the federal government announced that bank customers’ deposits would be completely covered, even funds over $250,000, which is usually the limit to FDIC coverage. They were able to begin withdrawing their money Monday morning. The Feds are actively looking for a bank or banks to buy SVB’s assets and take over its operations. But the panic is not completely over, and for the wine industry, SVB’s collapse brings both short and long-term concerns. Wine Spectator has the full story.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Silicon Valley Bank, Wine Spectator
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