Startup-focused lender SVB Financial Group became the largest bank failure since the financial crisis on Friday, March 10, in a sudden collapse that roiled global markets and stranded billions of dollars belonging to companies and investors.
California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation as receiver for later disposition of its assets.
The FDIC is racing to find another bank over the weekend that is willing to merge with Silicon Valley Bank, according to people familiar with the matter who requested anonymity because the details are confidential. While the FDIC hopes to put together such a merger by Monday to safeguard unsecured deposits, no deal is certain, the sources added.
The bank’s customers were met with locked doors on Friday. A client dashboard was down, a UK-based client of the bank told Reuters.
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