Shares of Western Alliance Bancorp (WAL) – the parent company of San Jose’s Bridge Bank – took an 84% plunge in the first 90 minutes of trading, before rebounding to $23.09 per share by 1:30 EDT.

The FDIC move came less than two hours after a decision by tech funding giant SV Financial Group, parent company of Silicon Valley Bank, to halt trading shortly after markets opened this morning on NASDAQ – after its stock collapsed in 24 hours from $176.55 to $39.25 per share – sent shock waves across financial markets worldwide.