Tl,dr: they were tied to Silver Capital. Silver Capital lost their assets over the FTX implosion. Also, the Fed raised interest rates. Making the banks bond holding worth less. A few big clients pulled funds, the bank covered the short by selling bonds at a loss. This triggered a small dip, which made some more big investors nervous so they pulled. Then it cascaded.

97.3% of SVB deposits aren’t FDIC insured

And so it starts – remember, when he dominoes start to fall, it starts slowly at first. Think back to 2008. You can’t aggressively raise rates in a world saddled with $300 trillion in debt and NOT expect that accidents won’t happen. t.co/COHZLOcXeW

— Frank Giustra (@Frank_Giustra) March 10, 2023

Paramount to remember, 08 crisis was never solved. It was just painted over and delayed via costly debt/inflation Japan style. US bailout of fraudulent, mismanaged (or both) institutions enabled the situation to worsen. Financial crisis and crash can wipe out inflation real quick.

— Ponzi Finance (@BP_Rising) March 10, 2023

h/t TheHiveminder