It's my understanding no customer / depositor at SVB lost any money -- backstopped by the US government.
And now, SVB is bought under very favorable conditions for the acquiring bank. A small regional bank in North Caroline now joins the big boys (and girls).
A fast-growing North Carolina lender with a history of buying failed
banks is taking on its largest challenge yet with its purchase of
Silicon Valley Bank.
First Citizens BancShares Inc.’s
acquisition of the bulk of SVB’s assets will effectively double the size
of the 125-year-old lender, which for most of its history was
controlled by one family and operated mainly in North Carolina. The
Raleigh-based bank, which had $42 billion in assets three years ago,
will have $219 billion after the SVB deal.
It won an auction for SVB orchestrated by the Federal Deposit Insurance
Corp., which seized the tech-focused bank on March 10 following a run
that drained more than $40 billion in deposits.
Don't cry for me Argentina. No one loses any money, and vultures swoop in and feast.
Jamie Dimon is still kicking himself. My understanding he was given first opportunity to buy SVB.
Let's see, assets under management: $219 billion minus $42 billion = $177 billion for this NC regional bank whose shares trade on the "other OTC" market.
Market cap for JPMorgan Chase & Co: $378 billion.
Market cap for FCNCB? $12 billion.
Not bad for one weekend of work. As of Friday, no buyer. Today, Monday, 72 hours later, a buyer.
Wow, put those headphones on, turn up the volume.
Everyone knows the fight was fixed, the poor stay poor, the rich get richer, that's how it goes, everybody knows.
More from the linked article:
The bank has expanded rapidly in recent years, particularly in commercial banking. The SVB purchase will give it a prominent banking presence in California and a wealth-management business in the Northeast.
“We see great promise in extending to the venture and tech spaces in Silicon Valley, building on the expertise and experience we developed through years of supporting North Carolina’s own innovative hub,” Chief Executive and Chairman Frank Holding Jr. said on a call with analysts Monday morning.
First Citizens was the winner among 18 bidders who put in 27 bids for all or part of SVB, according to FDIC Chairman Martin Gruenberg’s prepared testimony for a Tuesday congressional hearing. The auction process was extended to make time to evaluate the bids.
First Citizens took over SVB’s $56.5 billion in deposits, as well as $72 billion in loans at a discount of $16.5 billion.
The FDIC agreed to share any of First Citizens’s losses or potential gains on SVB’s commercial loans.
All those folks wondering where Janet Yellen was during this process. LOL. Was she the puppeteer?
I was done for the day. Many stories to post, but I pretty much thought it was time to call it a day. Went to bed to read The WSJ to put me to sleep and then this, wow:
Time to put the headphones on.
I don't know if you can hear all the album's tracks on YouTube but you can get most of them and, apparently, the best ones. [Later: it seems all the tracks are on YouTube.]
Is her "genre" of music unique? I don't know. I don't listen to much contemporary music but ...
... reading the comments suggests that each of the songs are superb. Fans will all have different favorites. Lots of comments in Spanish ... which I can now understand after 916 days of Duolingo.
********************** Girls Just Wanna Have Fun: Sweet Sixteen
Having won "district" for the sixteenth consecutive year, Olivia's high school's girl's soccer team has now advanced to "regional." They won their first game. Two more to go, and if they keep winning they advance to "state." Whoo-hoo.
Tonight, they are all at one of the homes of one of the players and having a "hair-dying" night. All dying their hair bright red to match their red uniforms.
Girls in Texas just wanna have fun.
************************* "March Madness" In Texas
Being reported as his opening statement for the press at the White House addressing the Nashville shooting:
"My name is Joe Biden. I’m Dr. Jill Biden’s husband," Biden said from the White House's East Room in his first public appearance since a 28-year-old woman shot and killed three students and three teachers at a Christian private school in Nashville. "I eat Jeni’s ice cream — chocolate chip. I came down because I heard there was chocolate chip ice cream," he continued. "By the way, I have a whole refrigerator full upstairs," he added. "You think I’m kidding? I’m not," Biden told the crowd.
Age 29, 1972, Biden elected to the US Senate. The US Senate.
2020 - 1972 = 48 years to change the second amendment. Nada, zilch, nil.
Mitch McConnell, elected to the US Senate, the US Senate, in 1984.
2020 -1984 = 36 years to change the second amendment. Nada, zilch, nil.
Ruth Bader Ginsburg, US Supreme Court, from 1993 to 2020.
2020 - 1993 = 27 years to re-interpret the US Constitution, something progressives demanded, and conservatives fought.
38008, 3,285, Oasis, Cliff 5300 43-35 6B, Willow Creek, huge well; Willow Creek oil field tracked here and updated; t3/12; cum 489K 1/23; just coming back on line again;
Pool
Date
Days
BBLS Oil
Runs
BBLS Water
MCF Prod
MCF Sold
Vent/Flare
BAKKEN
1-2023
31
25405
25350
44118
62787
40033
21621
BAKKEN
12-2022
31
19743
19875
36578
53486
46007
7456
BAKKEN
11-2022
30
18482
18382
16574
46301
42594
2920
BAKKEN
10-2022
15
6506
6463
7847
9925
9305
315
BAKKEN
9-2022
30
19875
19881
23007
53206
51343
1069
BAKKEN
8-2022
31
23660
23597
22803
63307
61719
762
BAKKEN
7-2022
10
11582
11546
10813
32914
29912
1957
BAKKEN
6-2022
1
3582
3726
2867
15643
9537
4680
BAKKEN
5-2022
21
29383
29363
22599
38521
35088
2387
BAKKEN
4-2022
21
22919
22946
18359
35940
33067
1826
BAKKEN
3-2022
26
22558
22520
17589
34062
29340
3718
BAKKEN
2-2022
28
34304
34324
27305
45009
42241
1537
BAKKEN
1-2022
31
42449
42563
35371
59931
45523
12729
BAKKEN
12-2021
31
41345
41183
32692
53528
38959
12975
BAKKEN
11-2021
30
33798
33849
26350
42212
37219
3701
BAKKEN
10-2021
31
27663
27515
6946
32091
29209
1842
34222, 3,285, Oasis, Cliff 5300 43-35 4B, Willow Creek, Willow Creek oil field tracked here and updated; t--; cum 286K 1/23; just coming back on line again;
Pool
Date
Days
BBLS Oil
Runs
BBLS Water
MCF Prod
MCF Sold
Vent/Flare
BAKKEN
1-2023
10
1433
1448
2702
1698
693
938
BAKKEN
12-2022
18
4179
4154
10412
7725
7345
373
BAKKEN
11-2022
0
0
0
0
0
0
0
BAKKEN
10-2022
0
0
7
0
0
0
0
BAKKEN
9-2022
9
1340
1394
2006
5070
4473
377
BAKKEN
8-2022
25
13001
13054
11668
32235
31091
577
BAKKEN
7-2022
31
27097
26992
23557
66192
64127
1332
BAKKEN
6-2022
1
2494
2578
2125
11133
7043
3133
BAKKEN
5-2022
21
17454
17500
12146
23102
21063
1455
BAKKEN
4-2022
24
23393
23549
16461
44369
41548
1974
BAKKEN
3-2022
31
40781
40587
23991
54924
48911
4739
BAKKEN
2-2022
28
27389
27404
19954
33760
31677
1137
BAKKEN
1-2022
31
33735
33882
24034
40673
31272
8153
BAKKEN
12-2021
31
41825
41656
28407
46478
35003
9962
BAKKEN
11-2021
30
32671
32682
26437
38997
34431
3296
BAKKEN
10-2021
31
19630
19525
4315
23251
21265
1290
37266, loc/A, Oasis, Cliff 5300 43-35 5B, Willow Creek, Willow Creek oil field tracked here and updated; t--; cum 304K 1/23; just coming back on line again;
Cheers: of all thesitcoms over the years, the best, without question, "Cheers."
Covid: very, very interesting. It's called attenuation. And vaccinators use the concept all the time. Link here.
It's called attenuation, and in this case, "nature" is doing it. Not scientists.
Ever since the COVID-19 pandemic unfurled across the United Kingdom, hematologist John Willan has worried about the disease’s toll on his patients. In March 2020, Willan, who works at the University of Oxford and Wexham Park Hospital, began to track the hospital’s COVID-19 cases among people with leukemias, lymphomas, and other blood diseases. He counted not just the dozens of deaths, but also persistent and disabling symptoms collectively called Long Covid, which have plagued millions over the past 3 years.
These days, Willan is less anxious.
After Omicron began spreading in late 2021, COVID-19 deaths became a rarity even among his frail and immunocompromised patients, he says.
And infections now carry a lower threat of lingering complications. “These patients with Omicron, they’re much less likely to get Long Covid,” says Willan, whose patients are overwhelmingly vaccinated.
Earlier this month, he reported in the British Journal of Haematology that his patients’ risk of Long Covid symptoms 3 months after infection had dropped from 46% with the original coronavirus strain and another called Alpha, to 35% with the Delta variant, to 14% with Omicron.
******************************* Back to the Bakken
Active rigs: 47. (wow)
WTI: up 5.13%; trading at $72.81, up $3.55.
Natural gas: $2.088.
Three new permits, #39754 - #39756, inclusive:
Operator: Grayson Mill
Field: Round Prairie (Williams)
Comments:
Grayson Mill has permits for three Cuda wells, SESE 11-154-104,
to be sited 398 FSL and between 550 FEL and 610 FEL, Round Prairie oil field.
One of my Schwab advisors personally -- this may not be the official Schwab opinion -- feels the USofA is in a recession.
Imagine what the price of oil would be doing today if we weren't in a recession and/or period of stagflation.
For me, the economy is in a "Goldilocks" economy. I have no complaints. Okay, AAPL is down slightly today.
WTI today:
*************************** Olivia
Middle granddaughter. Junior in high school,
Upon selection, she was given a list of seven USAF bases from which to choose. With no input from me -- and what's that all about? -- she chose the one base that I would have recommended, without question, above all others: Edwards AFB, California.
Olivia certainly did her homework on USAF base selection. Edwards AFB -- home of the SR-71 and every super-secret a/c test flown by the USAF. The X-15. Others: Chuck Yeager, 1947, broke the sound barrier. All Edwards AFB.
