BREAKING NEWS: Silicon Valley Bank shut down by regulators
SlateStone Wealth chief market strategist Kenny Polcari analyzes the SVB meltdown, arguing banking stocks got 'slaughtered,' but contagion fears are 'way overdone.'
The Federal Deposit Insurance Corporation says it has seized control of Silicon Valley Bank, confirming the lender was shut down by California regulators amid a run on the bank. The FDIC said in a press release that SVB was closed by the California Department of Financial Protection and Innovation on Friday, and confirmed it is now the receiver of all insured deposits of the bank.
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