Business

San Francisco Bank, Others Affected by Failure of Silicon Valley Bank

Another Bay Area bank was affected Monday by uncertainty in the financial markets following the failure of Silicon Valley Bank on Friday. Stock in San Francisco-based First Republic Bank sank nearly 62 percent Monday and shares of other regional banks suffered losses, reportedly. On Sunday, regulators seized Signature Bank in New York after it failed.

Published

3 years ago

March 21, 2023

Oakland Post

Over the weekend and Monday, top federal officials including President Joseph Biden appeared to be getting ahead of the issue. Biden sought to ease American's fears by making all deposits held by Silicon Valley Bank customers available regardless of the amount of their deposits, federal officials said over the weekend.

By Keith Burbank
Bay City News

Another Bay Area bank was affected Monday by uncertainty in the financial markets following the failure of Silicon Valley Bank on Friday.

Stock in San Francisco-based First Republic Bank sank nearly 62 percent Monday and shares of other regional banks suffered losses, reportedly.

On Sunday, regulators seized Signature Bank in New York after it failed.

But a San Jose State University professor of finance and accounting does not see the failure of Silicon Valley Bank and Signature Bank as signs of a coming crisis.

“I don’t think it is a huge contagion issue,” said assistant professor Matthew Faulkner. “It’s more toward an isolated incident.”

Over the weekend and Monday, top federal officials including President Joseph Biden appeared to be getting ahead of the issue.

Biden sought to ease American’s fears by making all deposits held by Silicon Valley Bank customers available regardless of the amount of their deposits, federal officials said over the weekend.

That includes businesses who must pay their employees and their bills, officials said.

“Americans can have confidence that the banking system is safe,” Biden said Monday morning. “Your deposits will be there when you need them.”

Investors will not be protected, Biden said. According to the president, they took a risk and “that’s how capitalism works.”

Taxpayers will not be on the hook for the losses. Money to cover the losses will come from fees that banks pay into the deposit insurance fund, Biden said.

In California, state Treasurer Fiona Ma said Monday that her office has no exposure to Silicon Valley Bank and state and local government funds are safe.

Additionally, companies that did business with Silicon Valley Bank won’t have to pay any penalty if they must file their payroll taxes late, according to the California Employment Development Department, which collects payroll taxes.

Employers can request a waiver online at https://edd.ca.gov/en/payroll_taxes/e-Services_for_Business/ or in writing.

Silicon Valley Bank failed Friday after depositors and investors tried to withdraw $42 billion from the bank on Thursday. The bank had $175 billion in deposits at the end of last year. The withdrawals left the bank with a negative cash balance of nearly $1 billion Thursday.

Monday, First Republic Bank said it widened its financial position with liquidity from the U.S. Federal Reserve Bank and JP Morgan Chase and Co.

First Republic now has more than $70 billion to fund operations, the bank’s officials said. Additional liquidity is available through the Bank Term Funding Program, which the Federal Reserve announced Monday and ensures banks can meet the needs of their depositors.

“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” said Jim Herbert, founder and executive chairman, and Mike Roffler, president and CEO, of First Republic Bank. “First Republic continues to fund loans, process transactions and fully serve the needs of clients.”

U.S. Senate hopeful Rep. Barbara Lee, D-Oakland, blamed the failure of Silicon Valley Bank on the rollback of federal financial regulations by former President Donald Trump.

“Federal oversight over large corporations and our economy is crucial and regulators must once again step in and ensure we do not repeat the mistakes made in 2008,” Lee said in a statement.

Silicon Valley Bank was the 16th largest bank in the United States as of March 10, Faulkner said.

Faulkner suggests depositors open another account, if they have one with more than $250,000 in it, to protect themselves.

Silicon Valley Bank was focused on serving startups, Faulkner said, which was probably part of the reason it failed. But Faulkner said the public only knows part of the story.

Copyright © 2023 Bay City News, Inc. All rights reserved. Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited. Bay City News is a 24/7 news service covering the greater Bay Area.

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Oakland Post: Week of March 18 – 24, 2026

The printed Weekly Edition of the Oakland Post: Week of March 18 – 24, 2026

Published

2 weeks ago

March 22, 2026

Oakland Post

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Advice

Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

Published

2 weeks ago

March 17, 2026

Oakland Post

Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC