Silicon Valley Bank was shuttered by US regulators on Friday after customers withdrew $42bn — a quarter of its total deposits — in one day and a failed effort to raise new capital called into question the future of the tech-focused lender.
With about $209bn in assets, SVB has become the second-largest bank failure in US history, after the 2008 collapse of Washington Mutual, and marks a swift fall from grace for a lender that was valued at more than $44bn less than 18 months ago.
The Federal Deposit Insurance Corporation, the US regulator that guarantees bank deposits of up to $250,000, said it was closing SVB and that insured depositors would have access to their funds by Monday.
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