Long queues have been observed at Boston Private, a banking service provider, that was recently acquired by Silicon Valley Bank (SVB).

According to Lawrence Lepard, an investment manager, Boston Private might be currently experiencing a bank run. As of March 11, there were long queues as depositors looked to withdraw their hard-earned cash. In 2021, Boston Private was acquired by SVB for $1 billion.

The collapse of SVB has also put USDC, the stablecoin issued by Circle, a consortium of among other companies, under immense pressure.

The Federal Deposit Insurance Corporation (FDIC) has stepped in and is now the receiver at SVB. This move would likely prevent a much larger crisis in what is considered one of the largest bank failures since 2008.

All assets held in SVB have now been frozen and can only be accessed by insured depositors. However, uninsured depositors will only be gifted a coupon to access part of their money within the next week. With FDIC as the receiver, many of the bank’s employees would not receive their paychecks if they run their payroll through SVB.

The main office and all branches of SVB will reopen on Monday, March 13. The FDIC will pay uninsured depositors an advance dividend within the next week. As the FDIC sells all the bank’s assets, future dividend payments may be made to uninsured depositors.