When SVB acquired Boston Private two years ago, a move that required approval from U.S. banking regulators, it agreed to the demands of community organizations, demonstrating how a merger could also ensure local investment.
Since the collapse of Silicon Valley Bank, the banking industry, federal regulators and the U.S. government have coalesced in an impressive show of solidarity to “shore up the banking system.”
Eleven of the nation’s biggest banks came together to provide a $30 billion rescue of beleaguered First Republic Bank. Meanwhile, two of the nation’s largest banks, JPMorgan and Citi, agreed to not poach staff or business from stressed regional and community banks.