WELLESLEY – Silicon Valley Bank, which has 17 branches in California and Massachusetts, was seized by regulators on Friday, the FDIC announced.
“In one sense we got here very quickly, in another sense it was gradual,” said Cornelius Hurley, a banking law professor at Boston University.
The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank. It’s the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
“FDIC…
