Silicon Valley Bank Collapse
About Silicon Valley Bank Collapse
The second largest bank failure in US history. Silicon Valley Bank, which served tech startups, collapsed on March 10, 2023 after a bank run. The bank had invested heavily in long term government bonds that lost value when interest rates rose. Depositors withdrew 42 billion in one day. The FDIC guaranteed all deposits, including those above the 250,000 dollar insurance limit. Signature Bank failed two days later. First Republic Bank followed in May. The crisis raised concerns about regional banks and the impact of rising interest rates on bond portfolios globally.
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