The closure of Silicon Valley Bank (SVB) was announced by the Federal Deposit Insurance Corporation (FDIC) on Friday, marking the worst U.S. financial institution failure in nearly 15 years.
- According to Fox News, SVB was the 16th largest bank in the United States until Friday afternoon. It failed after anxious depositors rushed to withdraw money over concern for the bank's health.
- The California bank also suffered from the decline in the value of technology stocks, as well as industry layoffs. SVB was so prominent that it was considered an ideal starting point to early-stage startups.
- SVB's collapse was so quick that, hours before its closure, some industry analysts were hopeful that the bank was still a good investment.
- SVB is the second-largest U.S. bank to close since the Great Recession. Its downfall echos the closure of Washington Mutual in 2008.