New York CNN —Silicon Valley Bank collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history. California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. “We have the tools that are necessary to [deal with] incidents like what’s happened to Silicon Valley Bank,” Adeyemo said. Adeyemo said US officials are “learning more information” about the collapse of Silicon Valley Bank. Signature Bank, another lender, was hit hard by the bank selloff, with shares sinking 30% before being halted for volatility Friday.

Source: CNN March 12, 2023 01:30 UTC