Unfortunately, they did not make it

SVB Financial Group Common Stock (SIVB), the parent company of Silicon Valley Bank, has been officially shut down by regulators as of today. SIVB failed to raise the money needed.

The only bright spot in all this chaos is that it seems SVB's issues seem to be very company-specific although the Financial Select Sector ETF have fallen by almost 9% this week. Other investors and bank stocks should not panic since SIVB biggest strength over the past few years and now its downfall has been that it has a business model that is unique in the banking industry. Although I have been wrong before.

According to information, the occupational pension company Alecta's loss should amount to 0.68 billion dollars. There are many downcast pension savers in Sweden tonight.