Silicon Valley Bank Reportedly Deactivates Twitter Account

Joshua Ramos
Source: Bloomberg

Following its closure last week, Silicon Valley Bank has reportedly deactivated its Twitter Account. Conversely, Twitter user @DrEliDavid reported the bank’s last post regarding their pride in making Forbes annual America’s Best banks for the fifth consecutive year.

Alternatively, the financial institution has been auctioned off by the FDIC today. Subsequently, a purchase of the now-collapsed financial institution could arrive by Sunday night. Thus far, The Bank of London has been the only entity publicly reported to submit an official proposal.

SVB Deactivates its Twitter Account

The entire financial sector has been struck with panic, as SVB Financial was closed by California regulators last week. Moreover, the collapse signifies the largest bank failure since the 2008 financial crisis.

Conversely, as the process of FDIC receivership continues, and the industry navigates growing panic, Silicon Valley Bank has reportedly deactivated its Twitter account. What makes the move ironic is its post from just a few days prior to its failure.

Source: New York Times

Twitter use @DrEliDavid posted a screenshot of the bank’s final Tweet. Stating, “Proud to be on [Forbes] annual rankings of America’s Best Banks for the 5th straight year and to have also been named to the publication’s inaugural Financial All-Stars List.”

Just a few days after those remarks, SVB is currently seeking a potential sale amidst their closing on Friday. Although the purchase is not guaranteed, the FDIC has noted a Sunday deadline for incoming bids for its acquisition. Currently, The Bank of London is the only financial institution to have its proposal for the purchase of the bank’s UK arm made public.

Additionally, it appears as though the Silicon Valley Bank website is offline. Moreover adding to the reality that the financial institution is being shut down. Although a sale at the recently held auction was a possibility, the opposite was also a potential outcome. Growing more likely by the hour.