While relatively unknown outside of the Silicon Valley, the Silicon Valley Bank (SVB) was among the top 20 American commercial banks, with $209 billion in total assets at the end of last year, according to the Federal Deposit Insurance Corporation (FDIC).
But now, it is the largest lender to fail since Washington Mutual collapsed in 2008, reports CNN.
SVB partnered with nearly half of all venture backed tech and health care companies in the US, many of which pulled deposits out of the bank.
Source : Silicon Valley Bank’s collapse makes it the biggest US bank failure since Washington Mutual in 2008