MarketWatch First Take
Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the FDIC.
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Silicon Valley Bank SIVB, a 40-year-old bank at the heart of the valley’s ecosystem, was forced to shutter Friday after its core depositors — many of them startup companies — took out $42 billion out in a shocking bank run that started Thursday, leaving many unanswered questions in the tech world.
As the Federal Depository Insurance Corp. put the bank into receivership and created a new bank, Deposit Insurance National Bank of Santa Clara, to pay its insured deposits starting Monday, small companies who have relied on the…
