Economy

Silicon Valley Bank: What was it and why did it fail?

By Brady Knox
Published March 10, 2023 11:02pm ET
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Silicon Valley Bank: What was it and why did it fail?
A Brinks worker walks toward a truck after exiting Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023.

The Federal Deposit Insurance Corporation announced Friday that they had closed down the California-based Silicon Valley Bank, the 16th-largest federally insured bank in the country.

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2008 Financial Crisis banking Finance Silicon Valley Bank