Two ways. Gradually, then suddenly. That is how Silicon Valley Bank (svb), the 16th-largest lender in America, with about $200bn in assets, went bust. Its financial position deteriorated over several years. But just two days elapsed between the San Francisco-based bank’s announcement on March 8th that it was seeking to raise $2.5bn to plug a hole in its balance-sheet, and the declaration by the Federal Deposit Insurance Corporation, which regulates American bank deposits, that svb had failed.

svb’s share price plunged by 60% after the capital raise was revealed. Greg Becker, its chief executive, urged clients to “support us as we have supported you". Unpersuaded, some venture capitalists told portfolio companies to run. Bill Ackman, a hedge-fund manager, suggested that the government should bail out the bank. By the morning of March 10th its shares had slid another 70% or so in pre-market trading, before a halt was called. cnbc, a television network, reported that svb’s capital-raising efforts had failed and that the bank was seeking to sell itself to a larger institution. Then came the announcement from the regulators.