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Silicon Valley Bank customers line up outside California location amid frantic rush to withdraw money
Silicon Valley Bank customers line up outside California location
Silicon Valley Bank customers were seen outside a Menlo Park, California location, Friday, after the Federal Deposit Insurance Corporation seized its assets. (Cointelegraph)
Customers were seen lined up outside a Silicon Valley Bank location in Menlo Park, California, on Friday after the Federal Deposit Insurance Corporation (FDIC) seized the banks assets.
In the largest bank failure since 2008 financial crisis, Silicon Valley Bank (SVB) collapsed after anxious depositors concerned by the bank's health rushed to withdraw their money.
Video captured on a smartphone shows a line of people waiting outside the bank, evoking scenes from the 1930s of a run on the banks during the Great Depression.
SVB was the 16th largest bank in the United States until it was shut down by California regulators Friday afternoon. The bank serviced a number of tech industry startups. Y Combinator, an incubator startup that launched Airbnb, DoorDash and DropBox, regularly referred entrepreneurs to them.
SILICON VALLEY BANK COLLAPSE MARKS WORST BANK FAILURE SINCE GREAT RECESSION