Its failure marks the largest shutdown of a US bank since 2008, when Washington Mutual fell during the financial crisis.
SANTA CLARA, Calif. --
The bank failed after depositors - mostly technology workers and venture capital-backed companies - began withdrawing their money creating a run on the bank. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had $209 billion in assets and $175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the $250,000 insurance limit at the moment.
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