Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis.
The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual in 2008.The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
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 financial health of Silicon Valley Bank was increasingly in question this week after the bank announced plans to raise up to $1.75 billion in order to strengthen its capital position amid concerns about higher interest rates and the economy. Shares of SVB Financial Group, the parent company of Silicon Valley Bank, had plummeted nearly 70% before trading was halted before the opening bell on the Nasdaq.
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Silicon Valley Bank seized by FDIC, marking largest shutdown of a US bank since 2008Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis.
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Silicon Valley Bank seized by FDIC, marking largest shutdown of a US bank since 2008BREAKING: The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual in 2008.
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Silicon Valley Bank collapses in biggest failure since 2008The FDIC said that insured depositors would have access to their funds by no later than Monday morning.
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Silicon Valley Bank Collapses in Largest Failure Since 2008 CrisisThe bank's financial woes rattled Wall Street and left depositors scrambling to withdraw their money.
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White House says Silicon Valley Bank failure won’t lead to repeat of 2008White House officials are assuring the public that the failure of Silicon Valley Bank, the largest since the 2008 global financial crisis, won't touch off another string of bank collapses.
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Silicon Valley Bank seized by regulatorsSilicon Valley Bank is the largest bank failure since the height of the 2008 financial crisis. FOX13
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