Biggest US bank failure since 2008: What matters now – Economy

Silicon Valley Bank: At first glance, that sounds like a small financial institution, perhaps a fintech, founded in the start-up hype of recent years. But appearances are deceptive. The bank has been around since 1983, financed thousands of start-ups worldwide and was one of the largest US banks ever. Financed, stood, past tense. Because the Silicon Valley Bank was closed within hours on Friday. The US deposit insurance FDIC is now in charge.