Silicon Valley Bank Swiftly Collapses After Tech Startups Flee
- Founded in 1983, SVB specialized in tech industry banking
- Prominent VC firms advised portfolio companies to pull cash
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Silicon Valley Bank became the biggest US lender to fail in more than a decade after a tumultuous week that saw an unsuccessful attempt to raise capital and a cash exodus from the tech startups that had fueled the lender’s rise.
Regulators stepped in and seized it Friday in a stunning downfall for a lender that had quadrupled in size over the past five years and was valued at more than $40 billion as recently as last year.