SVB was the 16th largest bank in the United States until Friday afternoon. It failed after anxious depositors rushed to withdraw money over concern for the bank's health.
SVB was connected to a number of Silicon Valley industries and startups. Y Combinator, an incubator startup that launched Airbnb, DoorDash and DropBox, regularly referred entrepreneurs to them.
"This is an extinction-level event for startups," Y Combinator CEO Garry Tan said. "I literally have been hearing from hundreds of our founders asking for help on how they can get through this. They are asking, ‘Do I have to furlough my workers?’"... Read More: FOX Business