FDIC seizes Silicon Valley Bank after historic failure

NEW YORK — The U.S. rushed to seize the assets of Silicon Valley Bank on Friday after it experienced a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago. Silicon Valley, the nation’s 16th largest bank, failed after depositors – mostly technology workers and venture capital-backed companies – hurried to withdraw money this week as anxiety over the bank’s balance sheet spread. It is the second biggest bank failure in history, behind Washington...