US regulators rushed to seize the assets of Silicon Valley Bank (SVB) on Friday after a run on the bank, the largest failure of a financial institution since the height of the financial crisis more than a decade ago.
Silicon Valley, the country’s 16th largest bank, failed after depositors – mostly technology workers and venture capital-backed companies – hurried to withdraw their money this week as anxiety over the bank’s situation spread.
The bank could no longer cope with. the massive withdrawals of its customers and its last attempts to raise new money did not succeed.
