From his office in Pasadena, Dominic Ng watched as California banks fell like dominoes first crypto-friendly Silvergate Capital in early March, then Silicon Valley Bank days later, followed by San Francisco’s First Republic Bank at the beginning of May.
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(Bloomberg) From his office just outside Los Angeles, Dominic Ng watched as California banks fell like dominoes — first crypto-friendly Silvergate Capital Corp. down near San Diego in early March, then Silicon Valley Bank up north days later, followed by San Francisco’s First Republic Bank at the beginning of May.Most Read from BloombergHuawei Is Building a Secret Network for Chips, Trade Group WarnsGoldman Is Cracking Down on Employees That Aren't in Office Five Days a WeekMusk Told Pentagon
Once the regional-banking turmoil eased, Dominic Ng found himself head of the biggest surviving California-chartered bank. The deposit base at his Pasadena-based East West Bancorp Inc. grew by $921.4 million, or 2%, in the months after the collapse of its peers.