16th Largest Bank In The U.S. Has Failed

(ABC) – The 16th largest bank in the U-S has failed. Silicon Valley Bank on Friday, was taken over by the Federal Deposit Insurance Corporation, known as the FDIC. The bank’s branches in California and Massachusetts are now shut down. Deposits below 250-thousand dollars are insured by the FDIC. Above that, it’s unclear if depositors will get their money.  This is the largest bank failure since Washington Mutual failed in the 2008 financial crisis. The FDIC today ordering the closure of Silicon Valley Bank and immediately took over its money. The bank had 209 billion dollars in assets at the end of 2022. The warning signs showed mid week when the bank announced it was trying to raise capital after some big losses. Silicon Valley Bank has been heavily exposed to the tech industry Tech companies are losing valuations and are taking out money. Many other banks, analysts say are in better shape.