imploded after depositors, concerned about the lender’s financial health, rushed to withdraw their deposits. The frenetic two-day run on theblindsided observers and stunned markets, wiping out more than $100 billion in market value for USin the United States at the end of last year, with about $209 billion in assets and $ing with FDIC to stabilize the situation as quickly as possible,” California Governor Gavin Newsom said in a statement.
The lender’s main office in Santa Clara, California and its 17 branches in California and Massachusetts will reopen on Monday, the FDIC said in a statement on Friday.‘s former parent group, said on Saturday that its business would not be directly impacted by
Source: Insurance Report (insurancereport.net)
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