Silicon Valley Bank (SVB) was a leading financial institution that catered to the tech industry and had became the preferred bank of almost half of all venture-backed tech startups. In March 2023, amid an environment of central bank-endorsed interest rate hikes following a period of global inflation, there was a run on its deposits, which led to its collapse and seizure on March 10, 2023 by the California Department of Financial Protection and Innovation (DFPI), its regulator. Citing inadequate liquidity and insolvency, state officials at the DFPI appointed the FDIC receiver of the bank. This marked the second-largest bank failure in U.S. history and took place alongside similar issues noted in other banks.On March 12, 2023, a joint statement was issued by Secretary of the Treasury Janet Yellen, Federal Reserve Chairman Jerome Powell, and FDIC Chairman Martin Gruenberg, stating that all depositors at SVB would be fully protected and would have access to both insured and uninsured deposits starting the following Monday, March 13. The FDIC then established a bridge bank successor, Silicon Valley Bridge Bank, N.A., which quickly assumed ongoing business.