Largest Bank Failure Since 2008
The Feds seized the assets of Silicon Valley Bank on Friday after depositors rushed to withdraw their funds, prompting a run on investments. It was the biggest failure of an American bank since Washington Mutual collapsed during the height of the financial crisis in 2008.
Silicon Valley Bank, based in California, was the nation’s 16th largest bank, serving many hi-tech workers and venture-based capital companies. Authorities said other banks remained secure, but bank shares across the board got slammed on the stock market Friday. Here’s more from Bill Still.