the staff of the Ridgewood blog
Ridgewood NJ, regulators shut down Silicon Valley Bank on Friday, marking the biggest bank failure since the 2008 financial crisis and sending shockwaves across the tech world. The Federal Insurance Corporation (FDIC) created a National Bank of Santa Clara to hold deposits and other assets of the failed Silicon Valley Bank, but the abrupt closing is impacting tech firms that face immediate effects, like ensuring employees get paid. More than 93 percent of the $161 billion deposited at Silicon Valley Bank is not insured by the FDIC, according to a Bloomberg News analysis.