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Silicon Valley Bank Swiftly Collapses After Tech Startups Flee

  • Founded in 1983, SVB specialized in tech industry banking
  • Prominent VC firms advised portfolio companies to pull cash
Bloomberg business news
Silicon Valley Bank Collapses, FDIC Takes Over
Updated on

Silicon Valley Bank became the biggest US lender to fail in more than a decade after a tumultuous week that saw an unsuccessful attempt to raise capital and a cash exodus from the tech startups that had fueled the lender’s rise.

Regulators stepped in and seized it Friday in a stunning downfall for a lender that had quadrupled in size over the past five years and was valued at more than $40 billion as recently as last year.