Silicon Valley Bank Collapse Ranks Among Top 10 Largest Bankruptcies in the US

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Adi Ahdiat 13/03/2023 14:50 WIB

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According to S&P Global Market Intelligence data, the collapse of Silicon Valley Bank is the second-largest bank failure in the US since 2008.

Top 10 Largest US Bank Failures (2008-March 2023)

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Silicon Valley Bank Collapse Ranks Among Top 10 Largest Bankruptcies in the US

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Top 10 Largest US Bank Failures (2008-March 2023)

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Silicon Valley Bank (SVB), a commercial bank headquartered in California, USA, declared bankruptcy on Friday, March 10, 2023.

This case surprised many, as SVB was among the banks with large asset values in the US.

"As a lender to early-stage businesses, SVB was the banking partner for nearly half of the US technology and healthcare companies listed on the stock market in 2022," said Reuters on Friday, March 10, 2023.

SVB's bankruptcy was also surprising due to its sudden occurrence.

According to a report by The California Department of Financial Protection and Innovation (DFPI), on March 8, 2023, SVB announced a loss of USD 1.8 billion due to the sale of investment assets whose value had decreased.

Despite the loss, the DFPI stated that SVB's finances were still healthy at that time. However, SVB investors suddenly reacted by withdrawing USD 42 billion in deposits on March 9, 2023, causing SVB's cash balance to plummet to a negative USD 958 million.

"The massive deposit withdrawals caused SVB to be unable to meet its obligations when they came due, and the bank is now bankrupt," said the DFPI in its official report on Friday, March 10, 2023.

According to S&P Global Market Intelligence data, SVB's bankruptcy is the second largest in the US since 2008.

"A total of 465 US banks went bankrupt during the period 2008-2012, then 42 banks went bankrupt in 2013-2014. From 2015 to the present, only 30 US banks have gone bankrupt, including Silicon Valley Bank," said the S&P Global team in its report on Friday, March 10, 2023.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Silicon Valley Bank Collapse Ranks Among Top 10 Largest Bankruptcies in the US

Silicon Valley Bank Collapse Ranks Among Top 10 Largest Bankruptcies in the US

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Silicon Valley Bank Collapse Ranks Among Top 10 Largest Bankruptcies in the US

Silicon Valley Bank Collapse Ranks Among Top 10 Largest Bankruptcies in the US

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