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March 13, 2023

Silicon Valley Bank seized after failure

NEW YORK (AP) — The U.S. rushed to seize the assets of Silicon Valley Bank Friday after a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago.

Silicon Valley, the nation's 16th largest bank, failed after depositors — mostly technology workers and venture capital-backed companies — hurried to withdraw their money last week as anxiety over the bank's situation spread.

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