Silicon Valley Bank, a lender to some of the biggest names in the technology world, has become the largest bank to fail since the 2008 financial crisis. On Friday, the California Department of Financial Protection and Innovation (DFPI) took over the bank, putting nearly $175 billion in customer deposits under the control of the Federal Deposit Insurance Corporation (FDIC). The DFPI said in a statement that the bank had “experienced financial difficulties that have caused it to be unable to meet its obligations and has caused the bank to be in an unsafe and unsound condition.” The FDIC has been appointed as receiver and will assume control of the bank’s operations. It will also help customers transition to new banks and ensure that all deposits are protected. The FDIC said it expects the majority of customers will be able to access their accounts and funds within a few days. The bank’s failure is the biggest since the 2008 financial crisis and could have a ripple effect throughout Silicon Valley and the tech industry. Silicon Valley Bank had been a major lender to some of the biggest names in the tech world, including Apple, Amazon, and Google. The FDIC is working with the DFPI to ensure that the bank’s customers are taken care of. It is also working with other banks to help customers transition to new banks. The bank’s failure is a reminder of the fragility of the banking system and the importance of having a strong financial system. The FDIC is asking customers to be patient as it works to ensure that all deposits are protected and that customers are able to access their accounts and funds without interruption.