It is also worth noting that quite a few other financial institutions are trading "heavy".
Disclaimer: I am a stock holder in Schwab (SCHW) via my previous Ameritrade holding (AMTD). I find it interesting that Schwab Bank is at the top of the current 1-2 year non-callable CD offerings and that it (Schwab) equity has gotten clobbered in the last few days. I am not saying they are in trouble, but wouldn't be surprised if there aren't quite a few institutions holding now underwater fixed income investments. (Note that holding "safe" government bond issues was a part of the making banks safer post GFC.)
(Note: I might buy some of the latest Schwab Bank CD, but I will also be VERY careful to not go over FDIC limits.)
I don't want to rehash (or get banned) the never ending debate here regarding "single issue bonds are good because they can be held to maturity", but SIVB has a lot of assets in this category that were/are underwater....along with deposits (their liability) that is running out the door. So even though they have these safe T-Bills/Notes, they are likely to be out of business very soon. NOTE: I am not saying they are the same as an individual holding underwater bonds....but individuals also have things that happen in their lives requiring use of capital earlier than expected.
To all - stay safe out there. I believe we will see more SIVB like situations (which makes investing riskier), but I also believe we will also see more opportunities because things start breaking (and there is a tendency to throw the baby out with the bathwater).