Silicon Valley Bank's collapse: Here's what Minnesotans need to know
March 14, 2023
Silicon Valley Bank's collapse - the second largest bank failure in U.S. history - reverberated across the country, including in Minnesota.
Companies and venture funds with ties to the bank hustled to make sure their money was safe, while consumers tried to figure out what, if anything, it could mean for them.
Silicon Valley Bank - which worked mostly with venture capitalists, startups and other technology firms - failed at the end of last week as customers began pulling out their money. Federal regulators shut it down Friday.