Business
San Francisco Bank, Others Affected by Failure of Silicon Valley Bank
Another Bay Area bank was affected Monday by uncertainty in the financial markets following the failure of Silicon Valley Bank on Friday. Stock in San Francisco-based First Republic Bank sank nearly 62 percent Monday and shares of other regional banks suffered losses, reportedly. On Sunday, regulators seized Signature Bank in New York after it failed.
By Keith Burbank
Bay City News
Another Bay Area bank was affected Monday by uncertainty in the financial markets following the failure of Silicon Valley Bank on Friday.
Stock in San Francisco-based First Republic Bank sank nearly 62 percent Monday and shares of other regional banks suffered losses, reportedly.
On Sunday, regulators seized Signature Bank in New York after it failed.
But a San Jose State University professor of finance and accounting does not see the failure of Silicon Valley Bank and Signature Bank as signs of a coming crisis.
“I don’t think it is a huge contagion issue,” said assistant professor Matthew Faulkner. “It’s more toward an isolated incident.”
Over the weekend and Monday, top federal officials including President Joseph Biden appeared to be getting ahead of the issue.
Biden sought to ease American’s fears by making all deposits held by Silicon Valley Bank customers available regardless of the amount of their deposits, federal officials said over the weekend.
That includes businesses who must pay their employees and their bills, officials said.
“Americans can have confidence that the banking system is safe,” Biden said Monday morning. “Your deposits will be there when you need them.”
Investors will not be protected, Biden said. According to the president, they took a risk and “that’s how capitalism works.”
Taxpayers will not be on the hook for the losses. Money to cover the losses will come from fees that banks pay into the deposit insurance fund, Biden said.
In California, state Treasurer Fiona Ma said Monday that her office has no exposure to Silicon Valley Bank and state and local government funds are safe.
Additionally, companies that did business with Silicon Valley Bank won’t have to pay any penalty if they must file their payroll taxes late, according to the California Employment Development Department, which collects payroll taxes.
Employers can request a waiver online at https://edd.ca.gov/en/payroll_taxes/e-Services_for_Business/ or in writing.
Silicon Valley Bank failed Friday after depositors and investors tried to withdraw $42 billion from the bank on Thursday. The bank had $175 billion in deposits at the end of last year. The withdrawals left the bank with a negative cash balance of nearly $1 billion Thursday.
Monday, First Republic Bank said it widened its financial position with liquidity from the U.S. Federal Reserve Bank and JP Morgan Chase and Co.
First Republic now has more than $70 billion to fund operations, the bank’s officials said. Additional liquidity is available through the Bank Term Funding Program, which the Federal Reserve announced Monday and ensures banks can meet the needs of their depositors.
“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” said Jim Herbert, founder and executive chairman, and Mike Roffler, president and CEO, of First Republic Bank. “First Republic continues to fund loans, process transactions and fully serve the needs of clients.”
U.S. Senate hopeful Rep. Barbara Lee, D-Oakland, blamed the failure of Silicon Valley Bank on the rollback of federal financial regulations by former President Donald Trump.
“Federal oversight over large corporations and our economy is crucial and regulators must once again step in and ensure we do not repeat the mistakes made in 2008,” Lee said in a statement.
Silicon Valley Bank was the 16th largest bank in the United States as of March 10, Faulkner said.
Faulkner suggests depositors open another account, if they have one with more than $250,000 in it, to protect themselves.
Silicon Valley Bank was focused on serving startups, Faulkner said, which was probably part of the reason it failed. But Faulkner said the public only knows part of the story.
Copyright © 2023 Bay City News, Inc. All rights reserved. Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited. Bay City News is a 24/7 news service covering the greater Bay Area.
Activism
OP-ED: AB 1349 Puts Corporate Power Over Community
Since Ticketmaster and Live Nation merged in 2010, ticket prices have jumped more than 150 percent. Activities that once fit a family’s budget now take significant disposable income that most working families simply don’t have. The problem is compounded by a system that has tilted access toward the wealthy and white-collar workers. If you have a fancy credit card, you get “presale access,” and if you work in an office instead of a warehouse, you might be able to wait in an online queue to buy a ticket. Access now means privilege.
By Bishop Joseph Simmons, Senior Pastor, Greater St. Paul Baptist Church, Oakland
As a pastor, I believe in the power that a sense of community can have on improving people’s lives. Live events are one of the few places where people from different backgrounds and ages can share the same space and experience – where construction workers sit next to lawyers at a concert, and teenagers enjoy a basketball game with their grandparents. Yet, over the past decade, I’ve witnessed these experiences – the concerts, games, and cultural events where we gather – become increasingly unaffordable, and it is a shame.
These moments of connection matter as they form part of the fabric that holds communities together. But that fabric is fraying because of Ticketmaster/Live Nation’s unchecked control over access to live events. Unfortunately, AB 1349 would only further entrench their corporate power over our spaces.
Since Ticketmaster and Live Nation merged in 2010, ticket prices have jumped more than 150 percent. Activities that once fit a family’s budget now take significant disposable income that most working families simply don’t have. The problem is compounded by a system that has tilted access toward the wealthy and white-collar workers. If you have a fancy credit card, you get “presale access,” and if you work in an office instead of a warehouse, you might be able to wait in an online queue to buy a ticket. Access now means privilege.
Power over live events is concentrated in a single corporate entity, and this regime operates without transparency or accountability – much like a dictator. Ticketmaster controls 80 percent of first-sale tickets and nearly a third of resale tickets, but they still want more. More power, more control for Ticketmaster means higher prices and less access for consumers. It’s the agenda they are pushing nationally, with the help of former Trump political operatives, who are quietly trying to undo the antitrust lawsuit launched against Ticketmaster/Live Nation under President Biden’s DOJ.
That’s why I’m deeply concerned about AB 1349 in its current form. Rather than reining in Ticketmaster’s power, the bill risks strengthening it, aligning with Trump. AB 1349 gives Ticketmaster the ability to control a consumer’s ticket forever by granting Ticketmaster’s regime new powers in state law to prevent consumers from reselling or giving away their tickets. It also creates new pathways for Ticketmaster to discriminate and retaliate against consumers who choose to shop around for the best service and fees on resale platforms that aren’t yet controlled by Ticketmaster. These provisions are anti-consumer and anti-democratic.
California has an opportunity to stand with consumers, to demand transparency, and to restore genuine competition in this industry. But that requires legislation developed with input from the community and faith leaders, not proposals backed by the very company causing the harm.
Will our laws reflect fairness, inclusion, and accountability? Or will we let corporate interests tighten their grip on spaces that should belong to everyone? I, for one, support the former and encourage the California Legislature to reject AB 1349 outright or amend it to remove any provisions that expand Ticketmaster’s control. I also urge community members to contact their representatives and advocate for accessible, inclusive live events for all Californians. Let’s work together to ensure these gathering spaces remain open and welcoming to everyone, regardless of income or background.
Activism
Oakland Post: Week of December 31, 2025 – January 6, 2026
The printed Weekly Edition of the Oakland Post: Week of – December 31, 2025 – January 6, 2026
To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
Activism
Big God Ministry Gives Away Toys in Marin City
Pastor Hall also gave a message of encouragement to the crowd, thanking Jesus for the “best year of their lives.” He asked each of the children what they wanted to be when they grow up.
By Godfrey Lee
Big God Ministries, pastored by David Hall, gave toys to the children in Marin City on Monday, Dec. 15, on the lawn near the corner of Drake Avenue and Donahue Street.
Pastor Hall also gave a message of encouragement to the crowd, thanking Jesus for the “best year of their lives.” He asked each of the children what they wanted to be when they grew up.
Around 75 parents and children were there to receive the presents, which consisted mainly of Gideon Bibles, Cat in the Hat pillows, Barbie dolls, Tonka trucks, and Lego building sets.
A half dozen volunteers from the Big God Ministry, including Donnie Roary, helped to set up the tables for the toy giveaway. The worship music was sung by Ruby Friedman, Keri Carpenter, and Jake Monaghan, who also played the accordion.
Big God Ministries meets on Sundays at 10 a.m. at the Mill Valley Community Center, 180 Camino Alto, Mill Valley, CA Their phone number is (415) 797-2567.
-
Bay Area4 weeks agoPost Salon to Discuss Proposal to Bring Costco to Oakland Community meeting to be held at City Hall, Thursday, Dec. 18
-
Activism4 weeks agoMayor Lee, City Leaders Announce $334 Million Bond Sale for Affordable Housing, Roads, Park Renovations, Libraries and Senior Centers
-
Activism4 weeks agoOakland School Board Grapples with Potential $100 Million Shortfall Next Year
-
Activism4 weeks ago2025 in Review: Seven Questions for Black Women’s Think Tank Founder Kellie Todd Griffin
-
Arts and Culture4 weeks agoFayeth Gardens Holds 3rd Annual Kwanzaa Celebration at Hayward City Hall on Dec. 28
-
Advice4 weeks agoCOMMENTARY: If You Don’t Want Your ‘Black Card’ Revoked, Watch What You Bring to Holiday Dinners
-
Activism4 weeks agoAnn Lowe: The Quiet Genius of American Couture
-
Activism3 weeks agoDesmond Gumbs — Visionary Founder, Mentor, and Builder of Opportunity



