Worried customers lined up outside of the First Republic Bank in California on Saturday (March 11) to withdraw their funds after the collapse of Silicon Valley Bank, eyewitness video shared on social media showed.
Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday (March 10), in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.
California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets. Based in Santa Clara, the lender was ranked as the 16th biggest in the U.S. at the end of last year, with about $209 billion in assets.
Specifics of the tech-focused bank's abrupt collapse were a jumble, but the Fed's aggressive interest rate hikes in the last year, which had crimped financial conditions in the start-up space in which it was a notable player, seemed front and center.
Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday (March 10), in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.
California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets. Based in Santa Clara, the lender was ranked as the 16th biggest in the U.S. at the end of last year, with about $209 billion in assets.
Specifics of the tech-focused bank's abrupt collapse were a jumble, but the Fed's aggressive interest rate hikes in the last year, which had crimped financial conditions in the start-up space in which it was a notable player, seemed front and center.
