Silicon Valley Bank collapses: US sees largest bank failure since 2008 financial crisis | File PhotoThe 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. The bank had USD 209 billion in assets and USD 175.4 billion in deposits at the time of failure, the FDIC said in a statement. Shares of SVB Financial Group, the parent company of Silicon Valley Bank, had plummeted nearly 70 per cent 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 USD 210 billion in assets. Venture capital-backed companies were reportedly advised to pull at least two months' worth of ‘burn’ cash out of Silicon Valley Bank to cover their expenses.

Source: dna March 11, 2023 05:16 UTC