U.S. regulators closed the Silicon Valley Bank in California on March 10 following a bank run.
According to The Associated Press, it is the second-largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.
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Soon after Silicon Valley Bank’s closure, New York-based Signature Bank also failed.
President Joe Biden on March 13 said the failures were isolated cases, and the U.S. banking system is safe.
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Bloomberg News reported that Bank of America Corp. emerged as an early winner, collecting $15 billion in new deposits in the immediate aftermath of the closings.
