Silicon Valley Bank was among the 20 largest banks in the U.S. when it failed Friday after a bank run by customers. The FDIC guarantees deposits at member banks for up to $250,000, but many Silicon Valley Bank customers kept significantly larger balances. According to Silicon Valley Bank's most recent regulatory filings, more than 85% of its deposits were uninsured. The Silicon Valley Bank Twitter account, @SVB_Financial, was also deleted on Sunday. Others, meanwhile, stepped up criticism of federal regulators, asserting that the collapse of Silicon Valley Bank revealed shortcomings in their practices.

Source: Washington Post March 13, 2023 03:01 UTC