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by ezekg 1200 days ago
Yes. SVB was the first bank failure since 2020.
1 comments

Wasn't silvergate the first failure just days before SVB?
Yes and No. Depends how you track "failure" and from which Point of View:

> Silvergate Capital Corp.'s voluntary liquidation process is being supervised by the state of California, and the company has not entered the Federal Deposit Insurance Corp.'s receivership program at this point, a spokesperson for the California Department of Financial Protection and Innovation confirmed.

https://www.spglobal.com/marketintelligence/en/news-insights...

Other banks in the past have "failed", but not from FDIC point-of-view, instead merged into others through a shotgun marriage facilitated by the feds, e.g. Bear Stearns and National City Bank[0] (formerly a top10 US bank until late 2008)

[0]https://news.ycombinator.com/item?id=35113816