Former Silicon Valley Bank chief executive Greg Becker plans to tell the Senate Banking Committee today that no bank could have survived the unprecedented deposit run that led to his institution’s failure in March, the Wall Street Journal reported. Becker hasn’t spoken publicly since regulators seized SVB two months ago, after a failed capital raise and historic deposit run doomed the startup- and technology-focused California bank. Two former executives at New York-based Signature Bank, which failed shortly after, are also set to appear before the Senate Banking Committee. “I do not believe that any bank could survive a bank run of that velocity and magnitude,” Mr. Becker wrote in testimony prepared for the hearing. Depositors withdrew approximately $42 billion the day before SVB’s closure. Another $100 billion of deposits were set to be withdrawn the day regulators seized SVB, Becker said, or about 80% of the bank’s total deposits over two days. Becker apologized to employees, clients and shareholders in the prepared remarks, saying the takeover of SVB was “personally and professionally devastating.” <a hef="https://www.wsj.com/articles/former-svb-ceo-becker-apologizes-for-bank-… required.)
For prepared testimony and a link to watch today's Senate Banking Committee hearing titled " examining="" the="" failures="" of="" silicon="" valley="" bank="" and="" signature="" bank,"="" please="" click="" here.
