Similar Stories to More Than 85% Of Silicon Valley’s Bank’s Deposits Were Not Insured. Here’s What That Means For Customers on Bing News

Silicon Valley Bank was aptly named: It held the funds of hundreds of U.S. tech companies and was a crucial player in the valley’s economy. But on Friday, it became the second largest bank failure in U.S. history after a rapid run on its deposits. Some $175 billion in customer accounts were taken over by the Federal Deposit Insurance Corporation (FDIC), which is now tasked with returning money to the bank’s customers. But more than 85% of the bank’s deposits were uninsured, according to estimates in a recent regulatory filing.

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