US Bank Silicon Valley Bank collapses since 2008 Washington Mutual

Regulators shut down Silicon Valley Bank on Friday, making it the largest bank failure in the US since the 2008 financial crisis. Silicon Valley Bank had $209 billion in assets as of the end of 2022, according to the FDIC, and the previous record-holder for the largest bank failure was Washington Mutual in 2008, which had $307 billion in assets. In 2020 and 2021, there were no bank failures at all, compared to 25 in 2008, 140 in 2009, and 157 in 2010. The California Department of Financial Protection and Innovation closed down Silicon Valley Bank, following a catastrophic bank run and a 60% drop in the bank's stock in the wake of losses from its sale of $21 billion in bond investments. The FDIC has taken measures to safeguard customers, including moving SVB insured deposits from the bank to a vehicle called "Deposit Insurance National Bank of Santa Clara" and plans to offer recoveries for uninsured customers. The Continental Illinois National Bank & Trust in 1984 was the largest bank failure prior to Washington Mutual, with $40 billion in assets.