Silicon Valley Bank (SVB), based in Santa Clara, California, was the U.S.'s 16th largest bank until it failed after a run on its deposits in March of 2023, causing it to be seized by California's Department of Financial Protection and Innovation (DFPI), which operates under California Business, Consumer Services, and Housing Agency. The DFPI placed the bank into the receivership of the FDIC. It worked in offices in 13 countries and employed almost 9,000 people full-time. The bank was a subsidiary of SVB Financial Group, and then the bank's assets were transferred to Silicon Valley Bridge Bank, N.A., after its failure. It was also the largest bank by deposits in Silicon Valley, a region known for being rich in technology companies. The bank's customers included tech startups, venture capital firms, and wealthy technology players. It was the second-largest bank failure in U.S. history, following Washington Mutual's collapse in 2008. At the time of failure, it has $209 billion in assets.