Silicon Valley Bank’s failure — the largest in the U.S. since the 2008 financial crisis — has spawned shockwaves across the U.S. startup scene and sent some companies scrambling to secure funds for payroll and other expenses.

The panic was sparked by the bank’s announcement that it planned to raise $2.25 billion after losing $1.8 billion following the sale of securities.

SVB searched for a buyer to firm up its balance sheet, but the California Department of Financial Protection and Innovation stepped in and seized the bank on Friday morning and the Federal Deposit Insurance Corp. was named receiver. The bank has a host a startup and technology clients around the nation.

*Article courtesy of Philadelphia Business Journal

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