BREAKING: The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual in 2008.
The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual in 2008.The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation. The financial health of Silicon Valley Bank was increasingly in question this week after the bank announced plans to raise up to $1.75 billion in order to strengthen its capital position amid concerns about higher interest rates and the economy. Shares of SVB Financial Group, the parent company of Silicon Valley Bank, had plummeted nearly 70% before trading was halted before the opening bell on the Nasdaq.
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