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Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis on Friday [March 10], in a sudden collapse that roiled global markets, and left billions of dollars belonging to companies and investors stranded.
California banking regulators closed the bank on Friday, which did business as Silicon Valley Bank. They appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver for the later disposition of its assets.
