Investment Banking

Silicon Valley Bank closed down by regulators

Federal Deposit Insurance Corporation statement says the embattled lender is being shut down

SVB lent to venture capitalist-backed startups, but has been stung by interest rate changes
SVB lent to venture capitalist-backed startups, but has been stung by interest rate changes Photo: Andrey Rudakov/Getty Images

Silicon Valley Bank was closed down by the California Department of Financial Protection and Innovation on 10 March, according to a news release by from the Federal Deposit Insurance Corporation.

Shares of SVB Financial Group plummeted as much as 66% in premarket trading before the stock was halted for news pending.

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