SVB workers received annual bonuses hours before collapse

Employees at Silicon Valley Bank reportedly received their annual bonuses just hours before government regulators seized control of the financial institution.

The California bank traditionally has paid employee bonuses on the second Friday of March, people with knowledge about the matter told CNBC on Saturday.

The payout for 2022 bonuses happened to fall on Friday, Silicon Valley Bank’s last day as an independent institution before the California Department of Financial Protection & Innovation closed it down. The Federal Deposit Insurance Corporation subsequently stepped in to take control of the bank.