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Did a Silicon Valley lender collapse after a run on the bank?

A Silicon Valley lender collapsed after a run on the bank. Here's what to know A customer stands outside of the shuttered Silicon Valley Bank headquarters in Santa Clara, Calif., on March 10, 2023. The lender was taken over federal regulators on Friday, marking one of the largest bank failures since the 2008 Global Financial Crisis.

Which banks were affected by the Black Monday stock crash?

Even the larger banks were affected: Wells Fargo fell by roughly 7% and Citigroup dropped by 7.4%. The 2-year Treasury note, meanwhile, posted its largest three-day yield drop since the Black Monday stock crash in October of 1987.

Is the bank collapse a Wake-Up Call?

But the collapse is a good reminder to be aware of where your money is held, and not to have it all in one place. “The first bank failure since 2020 is a wake-up call for people to always make sure their money is at an FDIC-insured bank and within FDIC limits and following the FDIC’s rules,” said Matthew Goldberg, a Bankrate analyst.

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