Silicon Valley Bank Is Seized By Regulators After Run On Deposits

  • 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.
Click to read full article Go back home

Sign Up for Our Newsletter

Join our list!

Sign up here to get our daily newsletter with the top trending headlines.