Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators. It was the largest failure of a US bank since Washington Mutual in 2008 and the second-biggest bank collapse in US history. Founded in 1983, SVB specialized in banking for tech startups. At the same time, venture capital began drying up, forcing startups to draw down funds held by SVB. By Friday morning, trading in SVB shares was halted and it had abandoned efforts to quickly raise capital or find a buyer.

Source: CNN March 11, 2023 20:06 UTC