Tech

Silicon Valley Bank goes into receivership

Tech firm lender fell into difficulties after VC firms advised portfolio companies to pull money from the bank

Problems mounted this week after high-profile venture capital firms advised their portfolio companies to pull money from the bank. Picture: Bloomberg

Silicon Valley Bank (SVB) collapsed into receivership on Friday, after its long-established customer base of tech start-ups grew worried and yanked deposits.

The California Department of Financial Protection and Innovation in a statement Friday said it has taken possession of Silicon Valley Bank and appointed the Federal Deposit Insurance Corp (FDIC) as receiver, citing inadequate liquidity and insolvency.

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Silicon Valley Bank in crisis - here’s everything you need to know

The FDIC said that insured depositors would have access ...