Customers line up around block outside Silicon Valley Bank after collapse sparks fears lose $250,000

Hundreds of customers of Silicon Valley Bank have lined up around the block outside the bank after news broke that the bank had collapsed, sparking fears that they would lose $250,000.

The bank, located in San Francisco, was shut down on Thursday after regulators found it was not in compliance with state and federal banking laws. The bank's closure has left many customers in the dark about their accounts and investments.

“We were shocked when we heard the news,” said customer Robert Johnson. “We had no idea that this could happen and now we are worried that we could lose all of our money.”

Customers of Silicon Valley Bank were seen lining up around the block outside the bank in the early hours of Thursday morning, desperate to find out what was going on with their accounts.

The closure of the bank has caused disruption to many customers' finances and investments, with some facing the prospect of losing thousands of dollars if the bank is unable to recover from the collapse.

“It's really scary,” said customer Ashleigh Smith. “I'm worried that I'm going to lose all of my money and I don't know what to do.”

The Federal Deposit Insurance Corporation has stepped in to provide customers with assurance that their funds are safe, with the agency guaranteeing the deposits up to $250,000.

The closure of Silicon Valley Bank is just the latest in a string of financial collapses in the state of California, with several banks shutting down in the past year.

The collapse of the bank has raised questions about the stability of California's banking system and the potential for further financial collapses.

It is unclear how the closure of Silicon Valley Bank will affect its customers, but for now, many of them are waiting anxiously to see what the future holds.