On 10 March 2023, Silicon Valley Bank, one of the largest banks in the US, has been shut down. US regulators ordered the closure of the bank.
This bank was started in the year 1983 in Santa Clara, California and it was considered to be the biggest pro bank of the tech industry.
State regulators seized the bank and appointed the Federal Deposit Insurance Corporation as its receiver.
The job of Silicon Valley Bank was to provide services to the startup companies of the world. Such startups who got funding used to deposit their funds in this bank due to low interest rates and easy liquidity terms, which were invested in debt securities by the bank.