Silicon Valley Bank is trying to make a comeback

Silicon Valley Bank (SVB) is making a comeback after its collapse last March, now under new management by First Citizens Bank.

The tech-focused institution faced a dramatic decline triggered by a sudden bank run. SVB’s deposits decreased from $119 billion to $38.5 billion by 2023 end.

Despite losing a significant portion of its customer base, SVB reports that 81% of its pre-collapse customers still hold accounts, with thousands returning. 

However, skepticism remains among some in the industry as experts are concerned about the bank’s stability.

SVB’s downfall stemmed from the tech industry downturn and withdrawals following rate hikes.