Shares of Silicon Valley Bank, tumbled for a second day Friday and weighed on the entire banking sector again on concern that more banks would incur heavy losses on their bond portfolios. The shares were down another 62% in premarket trading Friday before they were halted. Regulators then shut down the bank and said the FDIC would protect insured deposits. Concern among founders and venture capital investors spiked earlier this week after Silicon Valley Bank surprised the market by announcing late Wednesday it needed to raise $2.25 billion in stock.
Shares of SVB Financial Group, known as Silicon Valley Bank, tumbled for a second day Friday before the