Silicon Valley Bank seized by U.S. regulator after rush to pull cash. What happened?
The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation. The FDIC ordered the closure of Silicon Valley Bank and immediately took possession of all deposits at the bank Friday. The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the $250,000 insurance limit at the moment.Notably, the FDIC did not announce a buyer of Silicon Valley’s assets, which is typical when there’s an orderly wind down of a bank.
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