For most banks, higher interest rates are good news because they can charge more for loans. But for SVB, they hurt.

A of Sept. 30, initial public offerings in California had raised just $177 million, compared to an average of $16 billion during the same period over the past five years. That's just 2% of funds generated by U.S. companies that went public through the end of September. Last year at this time, California accounted for 39% of funds nationally.

In addition to the San Jose Marriott, the deal includes the Ritz-Carlton in San Francisco and the Fairmont Sonoma Mission Inn & Spa, plus other hotels in California and Florida, with a total value of $3.8 billion.

Additionally, the utility will appoint a “chief transition officer” and begin a process to sell the company, according to recent news reports.

Silicon Valley was rocked by several high-profile harassment scandals in 2017, both before and after the #MeToo movement swept the country.