SVB Depositors, Investors Tried to Pull $42 Billion Thursday
- Scale of run was disclosed in a California regulator filing
- Silicon Valley Bank was put into FDIC receivership Friday
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Investors and depositors tried to pull $42 billion from Silicon Valley Bank on Thursday in one of the biggest US bank runs in more than a decade, according to a Friday regulatory filing.
At the close of business on March 9, the bank had a negative cash balance of $958 million, according to an order taking possession of the bank filed Friday by California’s bank regulator, the Department of Financial Protection and Innovation.