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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 ....
trying to get cash out, prompting police blocking to the manhattan branch. nate foy joins us with the latest on this. hi, nate. hey, anita, this triggered the largest bank runs in u.s. history. withdrew $42 billion on thursday which worked out to over a million dollars every single second over a 10-hour period. a much more quiet day here than at the hone silicon valley branch in new york. as a dozen tech founders and ceo s showed up. they were turned away and the cops were called. take a look at the video. it happened after the shocking announcement of a $1.8 billion loss at the bank. depositors were turned away not only here, but also in california. the bank crumbled after a loss and they re known for the tech sector leaving startups in crisis mode. take a listen. if you re a start-up, cash is king. the cash and the work flow to be able to have runway is critical. so access to the cash to now to be able to pay your employees, to cover the expenses you ve got is t ....
what safeguards are in place? all this amid the new jobs report. 311,000 new jobs added in february. mary bruce on it all tonight. the horrific images that have now emerged tonight, the gunman taking aim at that religious center. the suspect seen firing through a window. more than 100 shots fired, crawling inside, and our team in germany. the race for the white house on the republican side. ron desantis in iowa tonight declaring he s there from the free state of florida. not mentioning donald trump by name, but what he did say, a clear reference to the former president. rachel scott in iowa. meantime tonight, prosecutors inviting former president trump to testify before a grand jury, investigating his alleged role in hush money. legal experts say this is a strong signal that criminal indictments may be coming. aaron katersky and what he s learned tonight. the five suspects this evening lined up south of the border. the arrests and new charges, and what that no ....
state regulators wasting little time to take possession of silicon valley earlier today before a sudden cash crisis risks becoming a bigger one. then just as quickly reassuring investors their money was safe. the fdic taking control of silicon valley bank s deposits and letting customers know that they would have access to their funds by monday morning. it was all meant to avoid a run on the deposits and one that could spread. neither happened today. janet yellen said she was watching silicon and a few other banks she didn t name very carefully. other government officials stressing that silicon s case was very unique. in the case of silicon, it happened very fast after announcing a big loss on the bond holdings earlier this week. most of the bonds were bought long before the aggressive rate hikes that began almost a year ago. meaning those investments were underwear as bond prices declined and silicon was struck. today s strong employment report showing a bigger than ex ....
off lies he s told if convicted. testing the waters, florida governor ron desantis trying out new lines in iowa for a very unofficial kickoff to his widely expected presidential run. the latest legal developments for his potential rival donald trump. what he s saying about the manhattan d.a. investigating hush money payments to stormy daniels. we re also watching now a stock selloff which has been accelerating in the past hour. investigators are spooked by the second biggest bank collapse in u.s. history. our nbc news reporters are covering all of the latest developments and we begin with the selloff on wall street this hour. nbc s seema mody is with us. what has investors so concerned about the collapse of the silicon valley bank? well, chris, svp is certainly the story of the hour on wall street as the bank has been shut down for the day by california regulators, this as the large institution in silicon valley with really broad reach across the technology industry ....