It started on Thursday with news that Silicon Valley Bank was underwater on some massive investments and would have to raise outside capital. That news tanked the stock. It also triggered a major bank run as individual customers, venture capitalists, and thousands of tech and biotech startups raced to get their money out before things got worse. Those withdrawals made worse a reality. Within hours, the bank was looking for a buyer. When that didn’t happen, federal regulators swooped in to take over. In the blink of an eye, we’d seen the largest bank failure since Washington Mutual cratered during the 2008 financial crisis. The FDIC has informed Silicon Valley Bank customers that accounts up to $250K are guaranteed. But those are a small percentage of affected accounts, as this was the leading bank when it comes to tech companies, the primary driver of the multiyear American boom. Needless to say, tech companies are scrambling. Some of them got some of their money out in time. Others were left with an unchanging message that read, “wire in process.” The big account holders left holding the potentially empty bag likely won’t have any visibility on how much, if any, of their money is left until next week. Will there be a buyer of the bank? Is SVB too big to fail? Meanwhile, we might need a few days or more to have any confidence that the contagion won’t spread to other financial institutions. AP: Silicon Valley Bank seized after run by depositors.

+ CNBC: Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis.