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Deal to buy Silicon Valley Bank calms bank fears, for now

NEW YORK (AP) — First Citizens Bank is buying much of Silicon Valley Bank, the tech-focused financial institution whose failure this month set off a chain reaction that helped rattle faith in banks around the world. The Federal Deposit Insurance Corp. and other regulators had already taken extraordinary steps to head off a wider crisis by guaranteeing all depositors in SVB and another failed institution, Signature Bank, could get their money, even if they had more than the $250,000 limit insured by the FDIC. The First Citizens deal announced late Sunday, at least initially, seemed ...

Factory or farm? Oregon may alter land use for chipmakers

NORTH PLAINS, Ore. (AP) — Aaron Nichols walked past rows of kale growing on his farm, his knee-high brown rubber boots speckled with some of the richest soil on earth, and gazed with concern toward fields in the distance. Just over the horizon loomed a gigantic building of the semiconductor ...

Tax the rich? Chicago mayoral hopefuls debate city budget

CHICAGO (AP) — Ken Kunz used to know everyone in the North Side Chicago neighborhood where he’s lived for more than 40 years. But crossing paths with old friends is rare these days because longtime residents have been pushed out by new development and soaring property taxes. When they do ...

Horse racing’s anti-doping program starts Monday

Horse racing’s efforts to clean up the sport and level the playing field take another step forward Monday with the launch of a new anti-doping program. It’s an attempt to centralize the drug testing of racehorses and manage the results, as well as dole out uniform penalties to horses and trainers instead of the current patchwork rules that vary from state to state. The Horseracing Integrity and Safety Act (HISA) was created by the federal government nearly three years ago. It has two programs: racetrack safety, which went into effect in July, and anti-doping and medication ...

Lawmakers tell ex-CEOs ‘you must answer’ for bank failures

WASHINGTON (AP) — Leaders of the Senate’s banking committee on Thursday warned former chief executive officers at the failed Silicon Valley Bank and Signature Bank that they expect them to testify before the panel, saying in a letter to each: “you must answer for the bank’s ...

First Republic Bank shares slide in volatile trading session

(AP) — Shares of First Republic Bank fell another 47% Monday as investors remain uneasy about the bank's financial condition even after a group of the nation's largest financial institutions teamed up on a $30 billion rescue package. Trading in First Republic shares was halted numerous times due to the volatility. The shares have dropped around 88% in the past two weeks. First Republic Bank received a $30 billion rescue package from 11 of the biggest U.S. banks last week in an effort to prevent its collapse. Over the weekend, the bank's credit rating was downgraded by S&P Global ...