STORY: [March 8]

Silicon Valley Bank (SVB) says it intends to raise $2.5 bln

after selling a bond portfolio at a $1.8 bln loss

[March 9]

Source: Reuters sources

Clients pull their money from SVB on the advice of

some venture capital firms such as Peter Thiel's Founders Fund

$42 bln is withdrawn that day

[March 10]

Shares of SVB are halted after tumbling

as much as 66% in premarket trading

A California regulator shuts SVB and the Federal

Deposit Insurance Corporation (FDIC) takes control

"...they just came out and told us that the bank is shut down.”

Treasury Secretary Janet Yellen tells

lawmakers SVB is a ‘matter of concern’

JANET YELLEN: “...there are recent developments that concern a few banks that I'm monitoring very carefully. And when banks experience financial losses, it is and should be a matter of concern."

[March 12]

New York-based Signature Bank is closed

by state regulators and the FDIC takes control

Depositors of both banks are told they can access their money

on Monday by the U.S. Treasury, Federal Reserve and FDIC

Americans are told no losses

‘will be borne by the taxpayer’

[March 13]

Germany’s financial regulator imposes a

moratorium on the German branch of SVB

HSBC says it is acquiring the

UK subsidiary of SVB for 1 pound

U.S. President Joe Biden pledges to

do whatever is needed to address the crisis

JOE BIDEN: “Americans can have confidence that the banking system is safe. Your deposits will be there when you need them.” /// Let me also assure you we will not stop at this will do whatever is needed."

[March 14]

Shares of regional banks rally after days of heavy

selling in a sign investors hope the crisis is ebbing