Two face bust bank12/20/2023 ![]() Deposits ballooned from $62 billion to $198 billion over that period, as thousands of tech startups parked their cash at the lender. The bank’s assets, which include loans, more than tripled from $71 billion at the end of 2019 to a peak of $220 billion at the end of March 2022, according to financial statements. SVB benefited hugely from the tech sector’s explosive growth in recent years, fueled by ultra-low borrowing costs and a pandemic-induced boom in demand for digital services. ![]() It also has operations in Canada, China, Denmark, Germany, Ireland, Israel, Sweden and the United Kingdom. It provided banking services to nearly half of all US venture-backed technology and life science companies. Justin Sullivan/Getty ImagesĮstablished in 1983, Silicon Valley Bank was, just before collapsing, America’s 16th largest commercial bank. ![]() A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank headquarters on Main Santa Clara, California, United States. ![]()
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