Silicon Valley Bank is the largest bank failure since the height of the 2008 financial crisis. FOX13
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.
Notably, the FDIC did not announce a buyer of Silicon Valley's assets, which is typically when there's an orderly wind down of a bank. The FDIC also seized the bank's assets in the middle of the business day, a sign of how dire the situation had become.The financial health of Silicon Valley Bank was increasingly in question this week after the bank announced plans to raise up to $1.
Shares of SVB Financial Group, the parent company of Silicon Valley Bank, had plummeted nearly 70% before trading was halted before the opening bell on the Nasdaq. CNBC reported that attempts to raise capital failed and the bank was now looking to sell itself. Silicon Valley bank was not a small bank, it’s the 16th largest bank in the country, holding $210 billion in assets. It acts as a major financial conduit for venture capital-backed companies, which have been hit hard in the past 18 months as theThere are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.
Venture capital-backed companies were being reportedly advised to pull at least two months' worth of "burn" cash out of Silicon Valley Bank to cover their expenses. Typically VC-backed companies are not profitable and how quickly they use the cash they need to run their businesses — their so-called "burn rate" — is a typically important metric for investors.
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