$1.8 billion.
That sparked the run.
The problems have been known for months by people like Chris Whalen.
This guy below actually tweeted out some particulars in January. This was no surprise.
Except to the federal regulators, who were completely asleep at the switch.
This is what happens when your bond portfolio is full of low-yielding securities. No one wants them when you have to sell them in the new higher interest rate environment. It's not a problem if you will "hold to maturity".
SVB wasn't very smart loading up on this stuff. Apparently they did not even hedge this otherwise foolish over-large position.
Hell, it's probably all California MBS, too. Think the outrageously overpriced homes, refinanced at rock bottom rates, of the very elite who have all their personal and business banking at SVB which is now blowing up. And all the second tier businesses and their employees dependent on them.
It's an inferno devouring their wealth from every side.
And they are screaming like stuck pigs for a bailout.
