From a Times Insider column by Megan DiTrolio headlined “Bank Failures, the Fed, and an Uncertain Juncture in the Economy”:

The sudden collapse of two midsize banks has caused commotion across the United States.

On Friday, Silicon Valley Bank, which lent money mostly to technology start-ups, became the largest bank to fail since 2008, during the height of the financial crisis. The Federal Deposit Insurance Corporation stepped in, seizing the institution. Then on Sunday, to quell concerns over the health of the broader banking system, regulators took control of Signature Bank.