FDIC appointed receiver after Silicon Valley Bank collapse

WASHINGTON, DC - Global financial markets were stunned on Friday by the collapse of a large Californian-based bank, the second-biggest failure of a bank in U.S. history.

The Silicon Valley Bank, Santa Clara, California, was shut down Friday by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation (FDIC) has been appointed as receiver.

To protect insured