Silicon Valley Bank

Silicon Valley Bank (SVB) was a commercial bank established in October 1983 by former Wells Fargo and Bank of America executives to serve technology startups and venture capital firms. It operated as the main banking subsidiary of SVB Financial Group. In March 2023, rapid interest rate increases and a downturn in the technology sector triggered a rapid deposit-withdrawal crisis, and California regulators seized the bank on March 10, 2023, citing inadequate liquidity and insolvency, with the Federal Deposit Insurance Corporation appointed as receiver, in what was at the time the second-largest bank failure in United States history. By March 27, 2023, First Citizens BancShares had acquired SVB's commercial banking operations, including about 119 billion dollars in deposits and 72 billion dollars in loans, and Silicon Valley Bank now operates as a division of First Citizens BancShares. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/