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Economy

Largest US Bank Failure Since Great Recession

View Source | March 10, 2023 1:03 pm

  • 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.
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