Friday, March 10, 2023

Silicon Valley Bank Fails, FDIC Takes Control

Silicon Valley Bank, arguably the flagship icon of Silicon Valley's venture capital market, has failed, and has been taken over by the FDIC, after a run on the bank by its customers, according to the New York Times. The report says SVB has become the largest bank to fail since the 2008 financial crisis. SVB's nearly $175 billion in customer deposits is now under control of the Federal Deposit Insurance Corporation (FDIC).