- Silicon Valley Bank has been seized by financial regulators after a run on deposits tipped the bank into collapse, in the largest US bank failure since the Great Recession in 2008.
- The bank was shuttered on Friday by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, officials said in a statement.
- The bank based in Santa Clara, California had been the 18th largest bank in the US with assets of $212 billion as of September, and primarily caters to the tech startups and venture funds of Silicon Valley.
Trending
Largest US Bank Failure Since Great Recession
TOPSHOT - Resident Osvaldo Ramirez displays a burned $USD 100 bill from his burned vehicle during the Glass fire in St. Helena, California on September 27, 2020. - Ramirez stated USD $8,000 in cash along with his family's papers that were located in a safe inside the vehicle, were burned. A wildfire with a "dangerous rate of spread" broke out in Napa County between Calistoga and St. Helena overnight on September 27, 2020 just as the Bay Area braces for extreme wildfire conditions. (Photo by JOSH EDELSON / AFP) (Photo by JOSH EDELSON/AFP via Getty Images)
