Certainly one of Silicon Valley’s high banks fails; property are seized

NEW YORK (AP) — Regulators rushed Friday to grab the property of one in every of Silicon Valley’s high banks, marking the biggest failure of a U.S. monetary establishment because the top of the monetary disaster virtually 15 years in the past.Silicon Valley Financial institution, the nation’s Sixteenth-largest financial institution, failed after depositors hurried to withdraw cash this week amid nervousness over the financial institution’s well being. It was the second largest financial institution failure in U.S. historical past after the collapse of Washington Mutual in 2008.The financial institution served largely expertise employees and enterprise capital-backed corporations, together with a few of the business’s best-known manufacturers.

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