A Silicon Valley lender collapsed after a run on the bank. Here's what to know
Silicon Valley Bank was taken over by federal regulators on Friday, capping a spectacular collapse after the lender suffered a run on deposits.
A bank that caters to many of the world's most powerful tech investors collapsed on Friday and was taken over by federal regulators, becoming one of the largest lenders to fail since the 2008 Global Financial Crisis.
California's banking regulators shut down Silicon Valley Bank and put in into receivership under the Federal Deposit Insurance Corp. (FDIC).
That effectively gives control of the bank to the FDIC, which created a new entity to oversee it.
Regulators announced the takeover after what was effectively a
