United States regulators announced Friday that they shut down Silicon Valley Bank (SVB), one of the largest financial institutions in the country and a key lender to tech startups. The move came after a run on the bank by concerned depositors. The California Department of Financial Protection and Innovation (DFPI) "has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency," the agency said.

I have collected all the details, see below:

- Forbes ranked the bank as the 20th-best bank in the United States less than a month ago.

- Jim Cramer was advising people to invest in SIVB just one month ago. It was quite possibly the worst possible investment.

- Before the collapse of Silicon Valley Bank, executives sold a lot of their shares. Gregory Becker, CEO, sold 11% on Feb 27, 2023, Michael Zucker, General Counsel, 19% on Feb 5., Daniel Beck, CFO, sold 32% on Feb 27., Michelle Draper, CMO, sold 25% on Feb 1.

- Silicon Valley Bank on Friday paid out annual bonuses to eligible U.S. employees, BEFORE the bank collapsed and was seized, per Axios.

- Silicon Valley Banks Chief Administrative Officer was the CFO of Lehman Brothers' Global Investment Bank when it collapsed.

- The CEO of Silicon Valley Bank was also on the board of directors at the Federal Reserve Bank of San Francisco. He was removed Friday.

- Allegedly, the Biden administration is the main culprit in the SVB collapse. The SVB bank invested the $91 billion deposited in clients' accounts in so-called mortgage-backed securities and U.S. government Treasury bills, which Biden and co. claimed were the surest bet for profit. But, as of yesterday, SVB had irretrievably lost at least $15 billion on these deals with the US government alone.

- Circle, issuers of USDC today confirmed a $3.3 billion exposure to the collapsed bank. The ensuing panic has caused the stablecoin to de-peg as USDC holders are dumping their holdings en masse in fear of potential insolvency. Another source says that Circle's USDC, the second largest stablecoin with $43 billion market capitalization, held an undisclosed part of its $9.8 billion cash reserves at failed Silicon Valley Bank.

- Alecta (Sweden's largest pension fund) which oversees more than $104 billion in assets - had doubled its holdings in SVB during the past year, ending 2022 with a holding worth $609 million. Right now, The value of Alecta's stake is worth only $279 million, notes the report.

- Silicon Valley Banks new owner, the FDIC, gives workers 45 days employment. After the 45 days, the employees will be let go.They have 8,500 employees worldwide.

- Elon Musk just said he is "open to the idea" to buy Silicon Valley Bank and become a digital bank.

- The FED is holding an emergency meeting on Monday. Who wants to bet they'll turn the printer on?

Current List of Companies With Silicon Valley Bank, $SIVB, Deposits:
1. Circle: $3.3 billion
2. Roku: $487 million
3. BlockFi: $227 million
4. Roblox: $150 million
5. Ginkgo Bio: $74 million
6. iRhythm: $55 million
7. Rocket Lab: $38 million
8. Sangamo Therapeutics: $34 million
9. Lending Club: $21 million
10. Payoneer: $20 million

The worst part? These are only the companies that have disclosed their exposure SO FAR. SVB has nearly $200 billion in deposits with 97% of those deposits above the $250,000 FDIC limit.

Update1: U.S. Treasury Secretary Janet Yellen rules out a bailout of Silicon Valley Bank. US government to make announcement on Silicon Valley Bank to prevent further fallout.
Update2: Reuters: US regulators are working to bail out SVB customers