The Eulogy for the SVB Wine Division

    I'm not dead yet!

Fear of the unknown is a real thing. I think it's a self-protection response. Fear puts all of your senses on high alert as if a threat were imminent. In that state, and with an absence of real information, you theorize what's happening, then make up your own story of what you would do if one of the many permutations you imagine came to pass.

When the FDIC took over the bank almost three weeks ago, everyone imagined or feared the worst. It was the unknown in all its glory. 

This has been uncharted territory for all of us - client and employees alike. How many have experienced a run on a bank? If you operate a business, what are you supposed to do to develop a plan? Google, where all truth is located, had "bank run" trending. There's your answer.

Living in two worlds

 

MORPHEUS:  You take the blue pill... the story ends, you wake up in your bed and believe whatever you want to believe.  You take the red pill, you stay in Wonderland and I show you how deep the rabbit hole goes.

After decades in banking, I thought I'd seen everything. But last week, with a jolt to my system, I was unfortunately proven wrong. This would turn out to be one of the worst weeks in my life. I kept thinking I must be dreaming this!

Silicon Valley Bank: What comes next?

Processing

For those who've read this blog before, you may notice the headline slide has changed from SVB on Wine, to Rob McMillan on Wine. I know I don't need to explain that change. 

This is a horrible message for me to have to write. I was asked to stay silent the past few days by SVB but now that the die is cast, I thought I should sit down and share what I know.

To start, my employer formerly known as Silicon Valley Bank, no longer exists. I'm still processing the whole thing as are most people associated with the bank. 

On Friday morning, clients, employees, bank suppliers and shareholders all awoke to the same news: SVB has been taken over by the FDIC. For everyone involved, there is a range of emotions to process; fear, anxiety, anger and so much more. I'm personally cycling through all of the same emotions.