Banking regulators shut down Silicon Valley Bank on Friday morning in a stunningly swift collapse of a financial institution heavily entwined in startup ecosystems across the U.S., including Central Florida.
It’s the second-biggest bank failure in U.S. history, just behind Washington Mutual’s collapse in 2008. The dramatic seizure is expected to have serious repercussions in the tech sector , including whether companies who bank with SVB will be able to make upcoming payrolls.
Santa Clara-based…