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that ensures bank deposits and overseas financial institutions. the agency says all insured depositors will have access to their deposits no later than monday morning. the fdic ensures deposits of up to $250,000. why did this bank fail so quickly? it is an old school bank run in a modern economy. you can point to two reasons. the first is that the fed has been increasing interest rates since 2022. that has an effect on thing bank s assets, which means its unrealized bonds were worthless money. those increased interest rates has had a devastating effect in the tech sector at large. the tech sector has seen layoffs and funds been sold off. that has led to panic. that s led to group chats of founders of vcs all abuzz with what to do with svp. that led to panic. nobody wants to be the last customer held at a bank. help break down all those affected. svb was the premier bank in silicon valley. we ve seen tech companies banking at svb as kind of a badge of honor. right ....
you are live in the cnn newsroom. i m jim acosta in new york. it s here 6:00 here in the big apple, 3:00 p.m. in california. what s likely to be a long, sleepless night and soggy weekend lying ahead for much of monterey county. the county is the epicenter of catastrophic flooding in that state. these are new images of the levee that failed around midnight local time. mandatory evacuations are now under way in parts of the that county. a string of deadly storms has unleashed massive flooding across the central and northern portions of the state. at least two people have died in this most recent storm. this week s atmospheric river is the tenth to hit the state this winter. it s dropped more than a foot of rain in some areas and several feet of snow in others. let s begin in monterey county, the site of that levee breach. cnn s mike valerio is there. mike, the state of that breach, could this continue to dump more flooding into that area? what can you tell us? reporte ....
one system could leave a foot or more of snow in parts of the northeast, while another atmospheric river is set to dump rain on already flooded parts of california. plus, after the biggest u.s. bank failure since 2008, regional banks fear a broader financial crisis as their stocks tumble. , and former president trump in iowa taking swings at gop rivals just days away from a potential criminal indictment. good to have you with us, we ll, from coast to coast major storm systems are set to pummel california and the u.s. northeast. out west, the golden state was already dealing with major flooding. some 30 million people across california are under flood watches. and, on the other side of the country, a major is expected to cover new england and parts of new york in snow. millions of people in cities like boston, syracuse and portland, maine, we re under winter alerts ahead of the storm. and days ago u.s. president joe biden declared a set emergency in more than 30 califo ....
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