Silicon Valley Bank Collapses Following Run on Deposits

Wall Street Journal, Mar. 10, 2023–Rachel Louise Ensign, Corrie Driebusch, Dana Cimilluca (subscription)
Silicon Valley Bank collapsed Friday in the second-biggest bank failure in U.S. history after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital. The Federal Deposit Insurance Corp. said it has taken control of the bank via a new entity it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, the regulator said.