Silicon Valley Bank collapsed into receivership after its long-established customer base of tech startups grew worried and yanked deposits
Silicon Valley Bank headquarters in Santa Clara, California, US, on Thursday, March 9, 2023.ilicon Valley Bank collapsed into Federal Deposit Insurance Corp. receivership on Friday, after its long-established customer base of tech startups grew worried and yanked deposits.
The California Department of Financial Protection and Innovation in a statement Friday said it has taken possession of Silicon Valley Bank and appointed the FDIC as receiver, citing inadequate liquidity and insolvency.typically means a bank’s deposits will be assumed by another, healthy bank or the FDIC will pay depositors up to the $250,000 insured limit.
Problems mounted for the bank in March after Peter Thiel’s Founders Fund and other high-profile venture capital firms advised their portfolio companies to pull money from the bank. That advice came a day after SVB Financial Group, the bank’s parent company, announced it would try to raise more than $2 billion following a significant loss on its portfolio.
from the bank’s 20th anniversary. Since its start, the firm has specialized in providing financial services to tech startups.
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