Silicon Valley Bank collapse is spreading panic to other US banks

Xavier Roger


The collapse of Silicon Valley Bank, the second-largest bank failure in U.S. history, has created a ripple effect across the American financial industry.

SVB was taken over by the Federal Deposit Insurance Corporation on Friday after depositors, fearing the bank would soon become unable to pay its debts, began withdrawing money at an alarming rate.

A second entity, Signature Bank in New York, closed Sunday after its customers began withdrawing cash. State regulators said they took over the bank to stabilize financial systems.


Source link

Leave a comment