More than 85% of Silicon Valley's Bank's Deposits Were Not Insured. Here's What That Means for Customers

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.

Read at time.com