this is extremely scary for those of us who pay salaries and put food on the table for our employees. >> now at 11:00 get out while you can. that was the message among clients at one of the bay area's biggest banks, the scramble to remove their money during a bank collapse that's shocked the country. from kpix, this is the late news with sara donchey on cbs news bay area. >> hello. i'm sara donchey. happy friday to you! the second biggest bank failure in american history is happening right now in our own backyard. it's been a really shocking 48 hours for a silicon valley bank and now the government has taken control of it. it started late wednesday when the bank surprised investors saying it needed to raise more

than $2 billion in capital to offset losses from bond sales. well, that caused an all out panic among the clients who tried to withdraw $42 billion on thursday alone, about a quarter of bank's total deposits. the company shares tanked 60%. shares were halted altogether this morning and now the feds have seized control of the lender. silicon valley bank is among the top 20 commercial banks in the entire u.s. according to the fdic. its collapse is a huge deal. it's the biggest bank failure since washington mutual back in 2008. today at the bank's menlo park branch there was a line of about 50 people waiting in the rain desperately trying to withdraw their money, but that didn't happen. fc representatives told them come back monday and you can withdraw up to $250,000. svb says half of all startups that went public last year were their customers, a huge portion of the bay area economy tied up in all this. betty yu joining us tonight

with more details. it's hard to overstate what a big deal is for a lot of companies in the bay area. >> that's right. a lot of people are still processing everything that went down in the last few days. startups had millions or even in some cases hundreds of millions of dollars deposited at silicon valley bank and now nobody's really sure just how much of that cash is left. this is money companies use to pay employees and run their startups. as federal regulators swooped in, startups raced to withdraw cash from silicon valley bank. >> one of our amazing investors alerted us and essentially he said the bank is imploding. get out as soon as you can. >> allison greenberg is ceo of a maternity care startup. her co-founder transferred nearly all of their business funds just in time. >> the website was down. the phone lines were tied up. even now if you call the fdic, you can only leave a message. this is extremely scary for

those of us who pay salaries. >> during the pandemic they generated a ton of cash that led to a surge in deposits. svb bought seemingly safe assets, primarily longer term securities. industry expert. >> the high interest rates we've seen the fed install across the economy has a negative effect. it makes the value of their investments worth less. so if customers want to come in and they're doing it increasingly so to get their deposits out, they don't have money, they have to sell some of their investments. that's what silicon valley bank did on wednesday. >> along with the fed's hikes, at the same time clients burned cash and new money slowed. recently the bank reported that its assets were running low. the fdic took over silicon valley bank around noon friday, but it only insures deposits up to $250,000 and 97% of svb accounts had more than the

insured limit according to s&p global market intelligence. >> whether or not you have in your account a larger amount than that depends on what happens over the weekend. if the company sells itself and sells its assets for equal or greater than the asset value, there's a better chance you're going to get more than 250k back. if it doesn't, there is a chance that you could have a loss. >> san jose-based roku held nearly $500 million at svb and the company doesn't know if it will recover the funds. >> this is not a usual bank. this is not like the mega banks that we have out there. it is not a diversified bank. 50% of the startups in this country are funded through svb. it is a niche player and that's why it's found itself in this niche situation. >> svb's failure sent shock waves across the banking system. analysts say what happened with silicon valley bank is not a systemic issue and not reflective of the overall

health of the banking industry. >> i mean still you can imagine if you have millions of capital tied up there, you're probably very nervous tonight. so we touched on this a bit, but what do we think will happen tomorrow and throughout the weekend? >> we'll see if there is a buyer for silicon valley bank's assets or the entire bank itself. the goal would be to complete this by monday, but we'll see. >> we will have to see. again, a lot of people very nervous tonight. thank you. svb is the main bank for california wineries according to the san francisco chronicle. that means there are thousands of wineries who don't know when they'll have access to their money just like all of these other companies and individuals. as you could probably guess, a lot of them exceed the $250,000 deposit insurance by the fdec which means it is a waiting game for them to get their money. we have to talk about weather tonight. more rain is on the way. that is the last thing they need in the santa cruz mountains. in socal a road collapsed from the flooding. thousands of homeowners are cut off from the rest of town, what

a mess. workers have been trying to fix this all day before the next storm runs in monday night. we're also talking about this area right here. so this is where the road is. main street at buck court, locals say they had a feeling something was wrong when they heard a loud noise there last night. >> when i woke up around 6:30, saw tons of cars lined up, which is unusual, and then saw out the window right there people in yellow suits. so i figured it's not good news and i came out here and we had no road. >> so today president biden made an emergency declaration. that includes napa, san francisco, san mateo, santa clara, and sonoma counties. there's another atmospheric river on the way. the question, of course, when is it going to hit? we've talked about this so many times and last night when we got off the air, it was really starting to ramp up again. >> yeah. it kind of chased everybody home from the 11:00 newscast and those waves of rain continued overnight. the next one is a couple days

away, late monday and into tuesday. we're still kind of cleaning up from the most recent one. let's add up the rain that fell out of this atmospheric river. in the santa cruz mountains is where we expected the greatest rainfall totals, almost 6 inches of rain around ben lomond, but the north bay did not fall short, 4 inches of rain on the button in santa rosa. there's some showers out there now, lower amounts elsewhere, but over 3 inches of rain in berkeley, closer to 1 inch for both san francisco and san jose. right now a few very light showers mainly north of the golden gate, light shower activity moving through far northern marin county, central sonoma county, and showers mainly in the higher elevations of napa county. this activity won't amount to much more than a few hundredths inch of rain. it won't cause additional problems or exacerbate flooding issues we already have. there are a few light showers in the santa cruz mountains. the flood watch continues through 10 a.m. sunday, but i don't think the showers over the weekend will lead to any new problems or exacerbate the existing problems, but off and on showers are in the forecast.

it's close to a 50/50 chance of rain hour by hour throughout the day saturday which sounds like a copout, but that's just the way the math works out. be flexible with outdoor plans. be ready to have an indoor alternative. we'll track it all and talk about the next atmospheric river in a few minutes. >> you've been singing that tune for days, so i made no plans. thank you, paul. still ahead tonight, bodies and human remains piled up in a bay area warehouse where they are absolutely not supposed to be. why investigators say a cremation company could be to blame for it. >> i was just like flabbergasted. i've never been physically threatened in public. also transgender rights have been under attack nationwide and even people in the bay area's most progressive city are facing discrimination, the strange incident caught on

there are more than 100 families in the bay area who may not know what happened to their loved ones' bodies after they died. investigators say they found bodies and human remains in a warehouse in hayward. the alameda county coroner's bureau said six bodies and 154 cremated remains were found inside. they've been linked to oceanview cremations in hayward, a funeral home that's operated without a license since 2018. our juliette goodrich has been investigating and has the story for us tonight. >> reporter: we went out to oceanview cremations in hayward earlier this week when we first learned of the allegations. it was a closed-up office building on mission boulevard, drapes shut, no sign outside. the owner, robert smith sr., nowhere on the premises. in a 26-page complaint, oceanview cremation was prohibited from operating without a license, but the

complaint went further than that. the business continued operations and kept remains in an unauthorized haywar wahouse. so the complaint talks about how the business moved from one office to another just right next door, but that's not the main issue. what it comes down to for family members is where are their death certificates? they don't have their questions answered. they'd like to know where their loved ones are. family members were led to believe the owner, robert smith sr., cremated or scattered their loved ones' remains at sea as requested. the. >> in this area this is a first for, you know, for us. it's disturbing and hopefully we won't see anything like this again. >> reporter: lieutenant modest is with the alameda county sheriff's office. how many people have been affected, how many loved ones? >> i mean when you think about it, we had six decedents and then 1504 cremations.

that's a lot 154 cremations. we are talking about a widespread issue. there are a number of families that have been impacted and many of them don't even know yet. so this is a process that the coroner's bureau and grisham's mortuary are diligently working on to reunite these families with their loved ones. >> reporter: at this point is it up to the hayward police department, then, to look into criminal charges? >> yes. i mean if it's even relevant. >> this is obviously a really wild story. i know you worked on this a while. how did you hear this was all happening? >> a viewer tipped us to the story. so we checked out the building that was closed and then we were told there was a warehouse. so we went driving around looking for the warehouse. it was in an industrial area. they said look for the rolled

doors. everything had rolled doors in a warehouse setting. there was no way to find it. no one really would have known this was going on unless someone alerted the authorities that hey, i don't have any information about my loved ones and the owner of this cemetery is not really telling me where the death certificate is or what they did with the remains. so that started entering some red flags in the system. >> right. otherwise it would have been inconspicuous. >> for years. >> what would happen if you were somebody who thought okay, maybe my loved one's remains are there. what should they do. >> there are still people there that need to be notified. you think your loved one may have been part of this, contact the alameda county coroner's office because there are still families that need to be connected and know this information. they are working on that as fast as they can. >> thanks for joining us. let's talk about tahoe snow yet again. we're talking about it because there's more to talk about. look at the lifts.

>> it's just ridiculous. >> that's one lift i could probably safely get out of. i keep getting hit every time i try. >> i don't think it will sweep you back off your feet or send you back down the hill. it's ridiculous. >> heavenly closed. you can't even operate a ski resort in those conditions. >> it's the sad irony. they had so much snow, but nobody can get there to do anything with it. >> they can't even manage it at that point. the mountain is just covered. >> yeah. avalanche risk and where the rain has fallen instead of snow, if they're getting more snow through the weekend, we'll add some of that up. wow, it's just been -- what a wild winter. >> it really has been crazy. >> still got another ten days to go before spring officially arrives. the heaviest rain has moved away from the bay area and aimed towards southern california a while today, but even there it's diminishing. we still have very light showers on first alert doppler, some of those in the north bay and the santa cruz mountains. i know you don't want another drop, but unfortunately you're getting some of it. it's going to be very light

through the weekend. check out futurecast and light off and on showers are possible at any point on the map as we head through saturday morning, saturday afternoon into saturday night. same pattern repeats itself sunday. it's going to be hit or miss activity, plenty of gaps in between to help limit any additional flooding possible, but you have to be very flexible with any outdoor plans. have a good indoor alternative and just be ready to adjust, maybe slightly more widespread activity heading into the north bay. by sunday evening we'll see if that shapes up there. it's a long way down the line when you're talking about this kind of disorganized pattern overall. adding it up and keep in mind it's forecast model data, never gospel, just guidance, we're talking about light amounts the entire weekend around a 0.1 to 0.5 inches expected for the north bay, maybe more than an inch of rain for calistoga.

farther south limited amounts in the santa cruz mountains, another third of an inch of rain, but coming in these little spurts, shouldn't be enough to make existing problems there worse. in the long term, we are tracking a much better chance of rain heading our way monday night into tuesday. the good news is it really tapers off as we head towards the lighter half next week. monday night and tuesday is the next atmospheric river. while it's not likely to be as strong, it's following up. the ground is already saturated and another 1 1/2 to 3 inches of rain on top of already saturated soils across the bay area could result in some additional flooding problems, wind damage could be a condition and more than 4 inches of rain could add up in the mountains of the north bay and in the santa cruz mountain once again and in the sierra they'll get another couple feet of snow, maybe even a few feet at the highest elevations through the weekend and even more piling up on top of that. add it up over the next several days, talking about 6 or 7 feet

of snowfall in those elevations above 7,000 feet. right now plenty of clouds, temperatures hovering around 50 degrees. later tonight we'll drop down to the 40s across the board. it's actually a pretty normal looking temperature map, but tomorrow highs only reach the mid- to upper 50s, the very warmest spots in the low 60s. temperatures will just hover in that same territory as we head through the seven-day forecast. we have our one alert day highlighted monday night into tuesday. if this next system speeds up at all, we'll have to highlight monday as an alert day. after that moves out, just very light lingering shower, about a 30% chance wednesday, a dry day in the forecast on thursday, just in time for the beginning of march madness. so we'll see sunshine so you can sit inside and watch lots and lots of college basketball. >> i know that's what you're going to do. >> that's exactly what i'm going to do. >> this is another thing we have to say because i'm the kind of person that needs a reminder. we lose an hour this sunday, right? people will be maybe a little

crankier than normal on monday. >> especially with young kids who don't understand we do this twice a year, move the clocks up, move them back. happens 2:00 early sunday morning. >> oh, gosh. >> good luck! dogs don't u either. >> thanks. sports is coming up after the break and 40 days later the surgery successful for brock purdy. the question now becomes how long will it be before purdy can start throwing again? the main entree tonight, high

banner night for the oakland athletic league starting with oakland high school, founded in 1869, but they had yet to win a state title in hoops. here was the pregame message from quite the notable alum. >> we know what we all represent. you all know where we come from and you all know what it means for the town. you all been representing all year. now it's time to finish the job. much love to you all. get it done. bring it home. you feel me? >> felt him all right. head coach orlando watkins and his wildcats had to get past buena. oakland and white, money williams, too smooth to the rack. williams cashed in 22 points and nine rebounds. oakland was up big wire to wire. fourth quarter, that's josh clark from nba range. oakland high stand up, winners 59-43. that is the wildcats' first state title in school history.

final record, 27-8. wildcats weren't the only ones in the town that took care of business. oakland tech girls taking on iafor the division i state title. fourth quarter erin sellers the steal, goes the other way and finishes looked like the left hand on the right side. we'll take it. no competition for the oakland schools tonight, their fifth state title in history. state mary's and granada high taking on notre dame for the division i crowd. granada came back in the second half but notre dame too much, behind 26 points from caleb foster. notre dame wins it 67-58, their first state title in school history. good news for 49ers fans today, finally quarterback brock purdy underwent successful surgery to repair the damage in his elbow. the team says purdy should be cleared to start throwing in three months. the hope is a full recovery

will take place in six months. tim miles already had the spartans at 20 wins on the season, needed two more for a trip to the big dance. unfortunately san diego state is it legit. sparty down big in the second. garner hits the three to pull the spartans within keean johnson with the slneof b area natives on the aztecs if you're looking for a team to root for possibly this march. 64-49 san diego state wins. the nit is a realistic possibility for san jose state, but their tournament hopes dashed with this loss. the golden state warriors back home tomorrow. they have one of the best teams in basketball, giannis and the milwaukee bucks. >> thank you so much.

lgbtq rights have been

under attack across the country and people are fighting back. iowa is one step away from banning minors from hormone therapy. there are still signs of hate harassed at a restaurant in san francisco's union square. as andrea nakano reports, that incident has gone viral. >> reporter: lily contino and luatthe cheesecake factory. then she was verbally attacked. she said this was the first time anything like this ever happened to her. lily was doing her daily live stream when a quiet lunch turned into a hurtful verbal attack. a woman next to her started telling jokes, then offered to show lily the scars on her stomach. when lily politely declined, the woman threw out her first verbal jab. >> i'll show you what i want to show you, son. and, of course, that's like,