US regulators shuttered Silicon Valley Bank (SVB) on Friday and took control of its deposits, in what amounts to the biggest retail banking failure since the global financial crisis.
The move follows a dramatic 48 hours that saw the high-tech lender's share price plummet amid a run on deposits by concerned customers.
Below are some of the biggest retail banking failures, ranked by the value of their assets when they collapsed:
- HBOS (United Kingdom), on 09/17/2008 (Around $811 billion)
- Washington Mutual (United States), on 09/25/2008 ($307 billion)
- Silicon Valley Bank (United States), on 03/10/2023 ($209 billion)
- Sachsen LB (Germany), on 08/26/2007 (Around $92 billion)
- Bradford & Bingley (United Kingdom), on 09/29/2008 (Around $63 billion)
- IndyMac (United States), on 07/11/2008 ($32 billion)
In addition, the global financial crisis also saw the failure of a number of corporate and investment banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008.
Its assets at the time were worth $639 billion.
Also Watch: Silicon Valley Bank collapses, largest retail bank failure since 2008