SVB, which was established in 1983, specializes in banking for IT entrepreneurs. It supplied funding for about half of the venture-backed technologyand healthcare startups in the United States.
According to the FDIC, SVB ranked among the top 20 US commercial banks with $209 billion in total assets at the end of last year, despite being largely obscure outside of Silicon Valley.
The collapse of SVB has had a profound impact on the banking industry and the wider economy.
The failure of such a prominent bank has eroded public confidence in the stability of the banking system and has raised concerns about the potential for a domino effect of bank failures.
The Federal Reserve's decision to provide emergency funding to SVB has been criticized by some experts as a bailout that sets a dangerous precedent.
The collapse of SVB has also highlighted the risks associated with investing in the tech industry.
The failed investment that led to SVB's collapse was in a promising tech startup that had received significant venture capital funding. The failure of the startup had a ripple effect on SVB's financial position, leading to its collapse.