Silicon Valley Bank Closed by Regulators
Banking And Finance,Big Tech,Technology,Economy And Jobs,Stock Market,Wall Street,California,Silicon Valley
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Regulators shut down Silicon Valley Bank Friday after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital.
The Federal Deposit Insurance Corp. said it has taken control of SVB via a new bank it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, the regulator said.
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