Silicon Valley Bank shut down by regulators. Here's what to know.
CBSN
California regulators on Friday abruptly shuttered Silicon Valley Bank, closing a 40-year-old financial institution that catered to the tech industry and that was the 16th largest U.S. bank before its sudden collapse. The company's stock tumbled 60% on Thursday and had plunged another 70% on Friday before trading in its shares was halted.
The nosedive reflected fears of a bank run, with mounting concerns that customers were on the verge of pulling their money from the bank. Instead, regulators stepped in to take control, with the California Department of Financial Protection and Innovation closing the bank and appointing the Federal Deposit Insurance Corporation (FDIC) as receiver.
Typically, bank stocks are staid affairs, which makes Silicon Valley Bank's failure and its regulator-ordered closure all the more noteworthy. Here's what to know about the bank's startling downfall.
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