Silicon Valley Bank Closed by Regulators, FDIC Takes Control

Banco Santander Executive Chair Ana Botín discusses how banks should navigate inflation, rising interest rates, a European energy crisis and geopolitical instability at the World Economic Forum in Davos, Switzerland.

By Rachel Louise Ensign

, Corrie Driebusch

and Dana Cimilluca

Updated March 10, 2023 12:36 pm ET

Silicon Valley Bank collapsed Friday in the second-biggest bank failure in U.S. history after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital.

The Federal Deposit Insurance Corp. said it has taken control of the bank via a new entity it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, the regulator said.