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# BREAKING: FDIC Seizes Silicon Valley Bank
- URL: https://bevnews.net/breaking-fdic-seizes-silicon-valley-bank/
- Published: 2023-03-10T17:50:23.000Z
- Updated: 2023-03-10T17:50:23.000Z
- Author: Joel Whitaker

The move follows what amounted to a massive run on the bank which had specialized in meeting the needs of technology companies. The company's Wine Division represented only 2% of its loan portfolio. Some 44% of its was to U.S. venture-backed technology and healthcare IPOs. Much of the rest was to established technology companies. 

In many respects, SVB was a victim of the Federal Reserve's relentless raising of interest rates in an attempt to tamp down inflation. 

I'll have more in ***Kane's Beverage Week***, which will be out later today.