The U.S. economy is struggling with a trifecta of challenges: soaring inflation, steep interest rates, and a banking industry in disarray. Since Silvergate Bank’s announcement on March 8, 2023, that it would cease operations and liquidate its assets, the country has witnessed a string of significant bank failures. Silicon Valley Bank, Signature Bank, and First Republic Bank have all followed suit, marking the second, third, and fourth largest bank failures in U.S. history.
