On Friday, financial regulators announced that they were taking control of Silicon Valley Bank, signaling the largest bank collapse since the global financial crisis of 2008. California regulators closed the bank and put the Federal Deposit Insurance Corporation in charge of its assets.
This was — to put it mildly — a big deal for the financial sector. As of last year, SVB, which has been around since the early 1980s, was the country’s 16th largest lender. Its clients were heavily concentrated in tech, and the vast majority of its funds were uninsured, putting companies like Roku and Etsy in a vulnerable position. Then on Sunday, New York-based Signature Bank abruptly closed its doors after a similar run on deposits on Friday. READ MORE
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