Silicon Valley Bank is no more. On Friday, the tech-focused bank formally collapsed amid a struggle by depositors to get their monies out before any further trouble emerged. According to CNN, the bank collapsed after a series of blunders and technical glitches that later turned out to be everyone’s worst nightmare come true. The bank and its operations has been seized by the government.
On Wednesday, the lender’s problems began to come full circle after it announced that it had sold a bunch of securities at a huge loss. It at the same time announced that it would sell $2.25B in new shares in a widespread and ‘quick’ effort to shore up its then struggling balance sheets.
The bank formally suspended trading on Friday and immediately stopped seeking to raise capital and find a buyer.
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