EU-DIGEST: Silicon Valley: Major big bank goes under in Silicon Valey. The bank served mostly technology workers and venture capital-backed companies.

3/10/23

Silicon Valley: Major big bank goes under in Silicon Valey. The bank served mostly technology workers and venture capital-backed companies.

Regulators rushed Friday to seize the assets of one of Silicon Valley's top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.

Silicon Valley Bank, the 16th-largest bank in the U.S., failed after depositors hurried to withdraw money this week amid anxiety over the bank's health. It was the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008.

The bank served mostly technology workers and venture capital-backed companies, including some of the industry's best-known brands.