NEW YORK (AP) — The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. AdvertisementThe FDIC ordered the closure of Silicon Valley Bank and immediately took possession of all deposits at the bank Friday. Shares of SVB Financial Group, the parent company of Silicon Valley Bank, had plummeted nearly 70% before trading was halted before the opening bell on the Nasdaq. Silicon Valley bank was not a small bank, it’s the 16th largest bank in the country, holding $210 billion in assets. AdvertisementVenture capital-backed companies were being reportedly advised to pull at least two months’ worth of “burn” cash out of Silicon Valley Bank to cover their expenses.

Source: Huffington Post March 11, 2023 00:58 UTC