**Silicon Valley Bank’s sudden collapse jolts tech sector**.
**Collapsed bank was a major lender to startups and venture capitalists**.
SAN FRANCISCO, March 13, 2023 (GLOBE NEWSWIRE) — The sudden collapse of Silicon Valley Bank (SVB) on Friday sent shockwaves through the tech sector, where the bank was a major lender to startups and venture capitalists..
SVB, the 16th-largest bank in the United States, had $328 billion in assets as of December 2022. It was known for its focus on technology companies and had a reputation for being one of the most innovative banks in the country..
But on Friday, SVB was seized by federal regulators and its deposits were transferred to other banks. The collapse of SVB is the largest bank failure since the 2008 financial crisis..
The collapse of SVB has raised concerns about the health of the tech sector, which has been hit hard by rising interest rates and a slowdown in venture capital funding..
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