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Tuesday, March 5, 2024

Silicon Valley Bank Collapses After Failing to Raise Capital

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The Caspian Times is a platform that showcases stories and perspectives from across Eurasia. We aim to inform, inspire and empower our readers with high-quality journalism that covers the diverse and dynamic region.

Silicon Valley Bank collapsed on Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.

California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation.

The bank’s depositors – mostly technology workers and venture capital-backed companies – hurried to withdraw money this week as anxiety over the bank’s health spread. It is now considered as one of Silicon Valley’s top banks that failed after its long-established customer base of tech startups grew worried and yanked deposits.

This event marks one of the largest failures of a US financial institution since the height of the financial crisis almost 15 years ago.

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