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March 10 (Reuters) - A California regulator shut Silicon Valley Bank (SIVB.O) on Friday and appointed the Federal Deposit Insurance Corporation as receiver, according to the agency's statement.
Shares of the bank were halted on Friday, after they tumbled 66% in premarket trading.
Silicon Valley Bank is the first FDIC-insured bank to fail in more than two years, the last being Almena State Bank in October 2020.
https://www.reuters.com/business/finance/california-regulator-shuts-silicon-valley-bank-2023-03-10/
Shares of the bank were halted on Friday, after they tumbled 66% in premarket trading.
Silicon Valley Bank is the first FDIC-insured bank to fail in more than two years, the last being Almena State Bank in October 2020.
https://www.reuters.com/business/finance/california-regulator-shuts-silicon-valley-bank-2023-03-10/