Second Largest Bank Failure in US History Rattles Markets And Raises Fears of Wider Risks
- Second Largest Bank Failure in US History Rattles Markets And Raises Fears of Wider Risks
by KEITH GRIFFITH FOR DAILYMAIL.COM, https://www.dailymail.co.uk/home/index.html
* Silicon Valley Bank was seized by the FDIC after collapsing on Friday
* It marked the second largest bank failure in US history by asset size
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The failure of Silicon Valley Bank is raising questions about what led to the collapse, and what it means for the bank’s client base of tech startups. On Friday, the Federal Deposit Insurance Corporation (FDIC) shut down SVB and immediately took control of the bank’s $209 billion in assets and $175.4 billion in deposits. It marked the second largest bank failure in US history, surpassed only by the collapse of Washington Mutual, which had assets of $307 billion when it went into receivership in September 2008.
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