Days before Silicon Valley Bank collapsed, the bank praised itself for being named onForbes magazine's annual ranking of 'America's Best Banks' for five years in a row.
Silicon Valley Bank customers were seen outside a Menlo Park, California location, Friday, after the Federal Deposit Insurance Corporation seized its assets.
SVB was the nation's 16th largest lender before it was shut down Friday after it lost $2 billion in a liquidity crisis. The bank's failure has sent shockwaves through, as it was a major financier of tech startups. Hundreds of companies were affected by the shutdown, including retailer Camp and coffee company Compass Coffee, who say they have not been able to access their deposits.
As the Federal Reserve has raised interest rates, bond prices have fallen, which reduced the market value of SVB's portfolio. Bloomberg News reported SVB had "mark-to-market losses in excess of $15 billion at the end of 2022 for securities held to maturity."
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