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.
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.
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.
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