us treasury secretary janet yellen on friday convened us financial authorities to discuss the closure of silicon valley bank and expressed “full confidence” banking regulators would act appropriately earlier friday the federal deposit insurance corporation said that the bank had been closed by the california department of financial protection and innovation read silicon valley bank branches closed down by regulator with fdic named receiver the treasury department said in a statement that yellen noted “the banking system remains resilient and regulators have effective tools to address this type of event” the closure came amid a crisis at parent svb financial corp sivb  which lost a record 60 of its value on thursday the bank’s failure is the second biggest in us history the secretary met with leaders from the federal reserve the federal deposit insurance corporation and the office of the comptroller of the currency