Silicon Valley Bank has been seized by financial regulators after a run on deposits tipped the bank into collapse, in the largest US bank failure since the Great Recession in 2008.
California state regulators shuttered the bank on Friday, and the Federal Deposit Insurance Corporation (FDIC) immediately took control of the bank’s $209 billion in assets and $175.4 billion in deposits.
The bank based in Santa Clara, California had been the 18th largest bank in the US, and primarily catered