Its failure is the third largest in the history of the United States, behind Silicon Valley Bank and Washington Mutual, in 2008. In order to reassure individuals and businesses, the Federal Reserve (Fed), the Deposit Guarantee Agency (FDIC ) and the US Treasury have guaranteed that its customers will nevertheless benefit from the same exceptional system as those of SVB. They will be able to withdraw all of their deposits despite the failure of the institutions. An attempt to restore the confidence of Americans in their banking system, which has been undermined for a few days.
The American banking system was effectively gripped this week by convulsions that no one saw coming, with the liquidation of Silvergate Bank on Wednesday evening, followed by that of Silicon Valley Bank. Victims of a wave of hasty withdrawals that made them unable to honor their commitments, these two banks, favored until then by the cryptocurrency and technology sector, are also suffering from the slowdown in these economies.