The bank has officially failed, as per FDIC.
"Silicon Valley Bank is the first FDIC-insured institution to fail this year."
"Silicon Valley Bank is the first FDIC-insured institution to fail this year."
Four failed in 2020. Four failed in 2019. None failed in 2022 or 2018. Banks fail fairly regularly, but it's the size of the bank and the types of deposits that are concerning in this case.
I knew this whole thing was big as I personally know a lot of friends use SVB for their startups, but I failed to realize how big deal this is. How can the 16th biggest bank in the country fail so rapidly?
Bank runs are rapid.
They wouldn't be runs if they weren't.
Most years seem to have a few failed banks, and a lot in the 2008-20011 era, but the past few years don't seem to have as many.