Silicon Valley Bank’s Collapse Triggers Broader Fears in the Financial Sector
PBWT
MARCH 12, 2023
Last Friday, state regulators closed the Silicon Valley Bank (SVB), a federally insured institution with 17 branches throughout California and Massachusetts. It’s the first bank insured by the Federal Deposit Insurance Corporation (FDIC) to close since 2020. In December, SVB reported roughly $209 billion in total assets and $175.4 billion in total deposits, making this the biggest bank closure since the 2008 financial crisis.
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