Silicon Valley Bank is important for venture capital firms and startups. But as the economy has changed, VC-funded companies burned through their available cash. Simultaneously, VC funding dried up. So Silicon Valley Bank’s deposits dropped faster than the bank anticipated.
After Silicon Valley Bank announced on Wednesday that it had sold $21 billion in securities at a loss of $1.8 billion, along with a plan to sell $2.25 billion in new shares, many of its remaining customers moved quickly…