Silicon Valley Bank fails
The second-largest bank failure in American history takes 48 hours, most of it online.
- When
- —
- Duration
- 52 days
- Known to
- ± 12 hours
- Era
- Contemporary, Holocene
- Where
- Santa Clara, California, United States · 37.3541° N, 121.9552° W
SVB collapsed on 10 March 2023 after depositors withdrew 42 billion dollars in a single day — a bank run conducted by phone and group chat rather than a queue. The bank had put deposits into long-dated Treasuries and lost on them as rates rose. Signature Bank failed two days later, First Republic in May, and Credit Suisse was forced into UBS's arms on 19 March, ending 167 years of independence.