Silicon Valley Bank is the biggest US bank failure since Washington Mutual during the 2008 financial crisis
, closed down with some $209 billion in assets and about $175 billion in deposits as of the end of last year, according to the Federal Deposit Insurance Corporation, the agency which helps protect many customers' bank deposits.
SVB's collapse is a bigger shock than Washington Mutual's demise, which came after months of rising concern over the Seattle-based bank's risky home loans. This time, SVB went from a seemingly stable financial institution to collapse in a matter of days. Silicon Valley Bank was shut down on Friday by the California Department of Financial Protection and Innovation, after theA representative for Silicon Valley Bank did not immediately respond to Insider's emailed request for comment on Friday.
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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 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 2008Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis.
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NYPD called to NYC branch of Silicon Valley Bank in 'largest bank failure' since 2008Panicked customers in the Flatiron District scrambled on Friday morning.
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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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