A financial free fall is happening right now in the Bay Area.
One of the most trusted local banks is in trouble and now there’s growing concern that some companies are withdrawing their funds, which could spell doom.
We’re talking about Silicon Valley Bank (SVB), based in Santa Clara, which has been around for 40 years.
It has been the go-to place for venture capitalists and startups to do business and keep money.
On Thursday, the bank lost 60% of its stock value, another 20% wiped away after hours.
One of the most trusted and big local banks in Silicon Valley is in trouble. NBC Bay Area’s Raj