Silicon Valley Bank Collapses — Largest US Bank Failure Since 2008; FDIC Backstops Deposits

Silicon Valley Bank, the 16th-largest US bank and primary lender to tech startups, collapsed on March 10, 2023 after a bank run triggered by interest rate losses on its bond portfolio. Signature Bank failed two days later. The FDIC, Treasury, and Fed jointly backstopped all deposits above the $250,000 FDIC limit to prevent broader contagion. First Republic Bank then failed in May 2023 and was acquired by JPMorgan — the third major US bank failure in two months, the most turbulent stretch for US banking since 2008.