Well...

I certainly didn't have a good old-fashioned bank run on my 2023 bingo card, and yet here we are. (Rather, here Silicon Valley Bank is...or, technically, was.)

It was an extraordinary denouement less than two days after the bank shocked Wall Street and its depositors with emergency moves to raise cash and stave off a collapse in the face of withdrawal requests and a precipitous decline in the value of its investment holdings. The bank as of Friday morning was working with advisers on a potential sale, a person with knowledge of the negotiations said, and had halted trading in its shares in the wake of a rapid fall.

The F.D.I.C. created a new bank, the National Bank of Santa Clara, to hold the deposits and other assets of the failed one. The regulator said in a news release that the new entity would be operating by Monday and that checks issued by the old bank would continue to clear.