The titles collapsed by more than 60 percent on Thursday and initially lost more than 60 percent again before the market on Friday.
(Photo: Bloomberg)
new York Silicon Valley Bank went bankrupt in record time. On Wednesday, the institute wanted to collect new capital from Santa Clara, California. The stock then plummeted. A search for a buyer was also unsuccessful.
On Friday morning (local time), the US deposit insurance FDIC took control of the bank. She wants to ensure that the bank can be processed in an orderly manner and that customers can get their money, as the authority announced. In the US, assets of up to $250,000 are insured.
It is the second-biggest failure of a bank whose customer funds are insured by the FDIC. The biggest such failure was the collapse of Washington Mutual during the 2008 financial crisis.
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