Police were reportedly called to Silicon Valley Bank’s Manhattan branch on Friday after depositors attempting to withdraw funds were locked out of the bank.
The incident was the result of a bank run on its main branch in Silicon Valley with customers initiating withdrawals of $42 billion. On Friday, the bank was placed into receivership by Federal Deposit Insurance Corp. after the California Department of Financial Protection and Innovation (DFPI) found the bank insolvent.
The bank run caused depositors in New York City to try to withdraw their deposits form the bank’s Manhattan branch, but the bank refused to allow the depositors inside the building, according to the New York Post:
Police responded after a group of “about a dozen founders” went to SVB’s Manhattan location on Park Avenue, journalist Eric Newcomer said in a Substack post. One of the founders was…