US-based Silicon Valley Bank, which supplied capital to some of the county’s most ambitious entrepreneurs, collapsed on 10 March after a run on deposits triggered intervention by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency created by the US Congress to insure bank deposits and maintain public confidence in the nation’s financial institutions. To protect insured depositors, the FDIC closed the bank and created a new entity that will continue to service these customers.
