Banking
Banking
Posted on Mar 12, 2023
A Silicon Valley lender collapsed after a run on the bank. Here's what to know
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https://www.npr.org/2023/03/10/ [login to see] /silicon-valley-bank-collapse-failure-fdic-regulators-run-on-bank
A bank that caters to many of the world's most powerful tech investors collapsed on Friday and was taken over by federal regulators, becoming one of the largest lenders to fail since the 2008 Global Financial Crisis.
California's banking regulators shut down Silicon Valley Bank and put it into receivership under the Federal Deposit Insurance Corp. (FDIC).
That effectively gives control of the bank to the FDIC, which created a new entity to oversee it.
A bank that caters to many of the world's most powerful tech investors collapsed on Friday and was taken over by federal regulators, becoming one of the largest lenders to fail since the 2008 Global Financial Crisis.
California's banking regulators shut down Silicon Valley Bank and put it into receivership under the Federal Deposit Insurance Corp. (FDIC).
That effectively gives control of the bank to the FDIC, which created a new entity to oversee it.
A Silicon Valley lender collapsed after a run on the bank. Here's what to know
Posted from npr.org
Banking
State of California
Santa Clara
Posted 3 y ago
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