- Silicon Valley Bank, the nation’s 16th-largest bank, failed Friday after depositors hurried to withdraw money amid anxiety over the bank’s health. It was the second-biggest bank failure in United States history after the collapse of Washington Mutual in 2008.
The bank’s California executives and political action committee have propped up a handful of politicians in recent elections, which has primarily benefited Democrat lawmakers.
Greg Becker, the bank’s president and chief executive officer, cut two maximum checks totaling $5,800 to the campaigns of New York Senate Majority Leader Chuck Schumer and Virginia Sen. Mark Warner during the 2022 midterm election cycle. The two Democrat senators are the only politicians Becker financially backed directly during the most recent cycle.