Silicon Valley Bank Shut Down by Regulators

The sudden collapse of a little-known, California-based tech lender fueled market chaos on Friday and sparked fears of a wider contagion that some experts worry could upend the US banking sector. Silicon Valley Bank — a 40-year-old lender to startups and venture capitalists — became the second-biggest bank casualty in US history as it was abruptly shut down on Friday by the California Department of Financial Protection and Innovation, which placed its remaining assets under the Federal Deposit Insurance Corp.’s control.

RELATED: CNBC’s Jim Cramer urged viewers to buy Silicon Valley Bank stock last month

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s