A key tech industry bank’s sudden collapse this week was the second-largest in U.S. history, putting Silicon Valley on edge as the federal government took over the operation on Friday.
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The scale of California-based Silicon Valley Bank’s failure – it had around $209 billion in assets at the end of 2022 – comes second only to the $307 billion collapse of Washington Mutual in 2008, the Washington Post reported.
The bank inspired a run on deposits Wednesday night with a surprise filing that it had sold $21 billion in assets to improve its balance sheet, raising the possibility that funds held there by tech start-up founders and venture capitalists could be lost.
