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 All you need to know about the Silicon Valley Bank collapse

California regulators closed Silicon Valley Bank and sent it into receivership on Friday, after an attempted share sale by the company failed and startups began pulling their funds.

The FDIC will protect SVB’s insured depositors up to the limit of dollar 250,000 and uninsured depositors will receive a receivership certificate for the remaining amount of their funds.

SVB’s ordeal began after its parent company, SVB Financial Group, announced that it sold dollar 21 billion of securities from its portfolio and held a dollar 2.25 billion share sale.

Venture capitalists, including Peter Thiel’s Founders Fund, Coatue Management, and Union Square Ventures, urged portfolio businesses to limit exposure and pull their funds from the bank.

SVB’s stock plunged 60% Thursday and its bonds posted record declines.

SVB was deeply embedded in the US startup scene, as the only publicly-traded bank focused on Silicon Valley and tech startups.

The twin shocks of SVB's and Silvergate Capital Corp.'s shutdown sent ripples through the banking industry and pushed stocks lower.

The risk is contagion, that this failure will create stress on the financial system, spark broader instability in the industry and lead more institutions to collapse.

Prominent Wall Street figures say that this is unlikely, but investors are still selling off equities looking for safer investments.

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All you need to know about the Silicon Valley Bank collapse

On Friday, California regulators closed Silicon Valley Bank and sent it into receivership. That was after an attempted share sale by the company failed and startups began pulling their funds at the urging of venture capital firms.

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All you need to know about the Silicon Valley Bank collapse

On Friday, California regulators closed Silicon Valley Bank and sent it into receivership. That was after an attempted share sale by the company failed and startups began pulling their funds at the urging of venture capital firms.

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