Last week, Silicon Valley Bank (SVB) rapidly collapsed—going from normal operations to insolvency in a matter of days. SVB was the 16th largest bank in the United States, with about $209B in assets. The failure represents the 2nd largest bank collapse in U.S. history. As of Sunday, March 12th, a second bank, Signature Bank, was seized by regulators for fears of insolvency. As of this writing, the government has stepped in with emergency measures intended to stop a full-blown financial crisis from occurring, but this story is still developing. In this article, I will explain what has happened so far and what you should be keeping an eye out for in the coming weeks.
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