Another former FDIC chair added that the failure of SVB should be 'a wake-up call' to other banks about the risks they face.
, collapsed on Friday after spooked customers began a run on their deposits. That run began a downward spiral that ultimately led to the FDIC taking control of the bank to figure out how to pay back its roughly $150 million in uninsured deposits. SVB's swift downfall was the largest for such an institution since the 2008 global financial crisis.
Above, a photo of a Silicon Valley Bank building in 2016. A former FDIC chair believes that more banks will fail in the near future following the collapse of SVB on Friday.As Politico noted, Isaac shepherded numerous banks through failure during his time in the FDIC. His tenure was marked by rising inflation and interest rates, with the former chair comparing that time to the current landscape.
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