Silicon Valley Bank biggest U.S. lender to fail since 2008 — how concerned should you be?

by William Chittenden, for The Conversation March 12, 2023March 10, 2023

SVB encountered a perfect storm of high interest rates and fearful clients. (AP Photo/Jeff Chiu via The Conversation)

SILICON VALLEY BANK, which catered to the tech industry for three decades, collapsed on March 10, 2023, after the Santa Clara, California-based lender suffered from an old-fashioned bank run. State regulators seized the bank and made the Federal Deposit Insurance Corporation its receiver.

SVB, as it’s known, was the biggest U.S. lender to fail since the 2008 global financial crisis — and the second-biggest ever.

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