Market stunned as Silicon Valley Bank closed by regulators

Well, that was over quickly! Just yesterday there was a lot of market discussion about the stability of Silicon Valley Bank and then today, it’s no more. Here’s a quick update from the team at Reuters:

March 10 (Reuters) – California banking regulators on Friday moved quickly to close startup-focused lender SVB Financial Group (SIVB.O), the largest bank failure since the financial crisis, a sudden collapse that prompted the global banking sector to shed billions in market value.

The regulator appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, putting the tech-heavy lender into receivership and will dispose of its assets, according to a statement.

Read more: Banking regulators shutter SVB, collapse unnerves investors