In just two days, the Santa Clara-based bank that served nearly half of US tech and healthcare startups came rapidly unglued, leaving its high-powered customers and investors in limbo.
Silicon Valley Bank, facing a sudden bank run and capital crisis, collapsed Friday morning and was taken over by federal regulators.
It was the largest failure of a US bank since Washington Mutual in 2008 and the second-biggest bank collapse in US history.
Here’s what we know about the bank’s downfall, and what might come next.
What is SVB?
Founded in 1983, SVB specialized in banking for tech startups. It provided financing for almost half of US venture-backed technology and health