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Worries mount after collapse of Silicon Valley and Signature Banks

The failures at Silicon Valley Bank and Signature were two of the three biggest in U.S. banking history, following the collapse of Washington Mutual in 2008.

By Associated Press

March 13, 2023

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VIDEO BY AP
Business customers of Silicon Valley Bank expressed relief as they waited to withdraw their money on Monday after the federal government stepped in to guarantee deposits following the bank's stunning collapse.
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ASSOCIATED PRESS

A pedestrian passes a Silicon Valley Bank Private branch in San Francisco, Monday, March 13. Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures. Regulators closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once.
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ASSOCIATED PRESS

Security guards let individuals enter the Silicon Valley Bank's headquarters in Santa Clara, Calif., on Monday, March 13. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the banks collapse. Dozens of individuals waited in line outside the bank to withdraw funds.
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ASSOCIATED PRESS

The Silicon Valley Bank sign hangs above one of its branches in San Jose, Calif., on Monday, March 13. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the banks collapse.
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ASSOCIATED PRESS

A person reads a notice posted on the front doors of a Silicon Valley Bank branch that reads "FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, "Santa Clara, California," in Pasadena, Calif., on Monday, March 13. The U.S. government announced a plan late Sunday meant to shore up the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday.
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ASSOCIATED PRESS

Igor Fayermark (L) from the FDIC enters Silicon Valley Bank's headquarters in Santa Clara, Calif., on Monday, March 13. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the banks collapse. Dozens of individuals waited in line outside the bank to withdraw funds.
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ASSOCIATED PRESS

The Silicon Valley Bank logo is seen at an open branch in Pasadena, Calif., on Monday, March 13. The U.S. government announced a plan late Sunday meant to shore up the banking industry following the collapses of Silicon Valley Bank and Signature Bank since Friday. Regulators on Friday closed Silicon Valley Bank as investors withdrew billions of dollars from the bank in a matter of hours, marking the second-largest U.S. bank failure behind the 2008 failure of Washington Mutual.
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ASSOCIATED PRESS

Igor Fayermark, right, from the Federal Deposit Insurance Corporation (FDIC), exits Silicon Valley Bank's headquarters in Santa Clara, Calif., on Monday, March 13. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the bank's collapse. Dozens of individuals waited in line outside the bank to withdraw funds.
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ASSOCIATED PRESS

A notice taped to a Silicon Valley Bank ATM reads "California Financial Regulator Takes Possession of Silicon Valley Bank" in Palo Alto, Calif., on Monday, March 13. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the banks collapse. Several individuals waited in line before the bank opened to withdraw funds.
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ASSOCIATED PRESS

Customers do business at a branch of Signature Bank in New York, Monday, March 13. President Joe Biden is telling Americans that the nation's financial systems are sound. This comes after the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
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ASSOCIATED PRESS

A sign is displayed at a branch of Signature Bank in New York, Monday, March 13. President Joe Biden is telling Americans that the nation's financial systems are sound. This comes after the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
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ASSOCIATED PRESS

A branch of Signature Bank is photographed, late Sunday, March 12, in New York. Regulators announced that the New York-based bank had failed and was being seized. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history. Signature's failure comes just days after the failure of Silicon Valley Bank.
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ASSOCIATED PRESS

A woman works at a branch of Signature Bank in New York, Monday, March 13. President Joe Biden is telling Americans that the nation's financial systems are sound. This comes after the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
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ASSOCIATED PRESS

New York Governor Kathy Hochul addresses the media during a press conference in response to the Signature Bank's closure in New York, Monday, March 13.

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