The shocking collapse of Silicon Valley Bank rippled across California Friday to industries far beyond the technology community that it played a major role in shaping.
From wealthy founders to Napa vineyard owners, clients were scrambling to secure funds or find out basic information about what would happen to their deposits. Anxious customers formed lines outside branches across the Bay Area and fears grew that some companies will struggle to make payroll next week.
The sudden implosion — the worst bank failure since 2008 — delivered a deep blow to a Silicon Valley ecosystem already struggling with a rapid tech downturn, thousands of layoffs and the lingering economic effects of the Covid-19 pandemic. In a region that exploded over the past decade to generate massive wealth and become an engine of economic growth, the bank had extensive and far-ranging roots.
