SVB (Silicon Valley Bank) logo is seen through broken glass in this illustration taken March 10, 2023. California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets. Silicon Valley Bank's failure is the largest since Washington Mutual went bust in 2008, a hallmark event that triggered a financial crisis that hobbled the economy for years. The FDIC is racing to find another bank over the weekend that is willing to merge with Silicon Valley Bank, according to people familiar with the matter who requested anonymity because the details are confidential. It's unclear if any buyer will step up to buy these assets without SVB Financial having filed for bankruptcy first.

Source: The Express Tribune March 12, 2023 00:28 UTC