Silicon Valley Bank Collapse Explained - 2008 Financial Crisis Repeat? (w/Tom Nash)
On Friday morning, Silicon Valley Bank collapsed following a tumultuous 48 hours during which a bank run and a capital crisis occurred, resulting in the second-largest failure of a financial institution in US history.
California regulators closed down the technology-focused lender and placed it under the control of the US Federal Deposit Insurance Corporation (FDIC), which typically involves liquidating the bank's assets to repay its customers, including depositors and creditors.
The FDIC, an independent government agency responsible for insuring bank deposits and overseeing financial institutions, announced that insured depositors would have full access to their insured deposits by Monday morning and that uninsured depositors would receive an "advance dividend" within a week.
The bank, formerly owned by SVB Financial Group, did not respond to CNN's request for comment.