Silicon Valley Bank Failure Roils Tech and Finance Industries
After experiencing a classic bank run with depositors withdrawing $42 billion in one day, Silicon Valley Bank was shut down by federal regulators on Friday. For many startups, SVB was the bank of choice, and its closure has roiled the tech industry. While federal regulators announced on Monday that 100% of Silicon Valley Bank’s deposits would be repaid, that has not stopped turmoil in the market. Shares in San Francisco-based First Republic Bank dropped over 60% on Monday with other bank stocks following suit. Added to this are last week’s failures of both Signature Bank, a regional bank in…
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