NEW YORK (AP) — Eleven of the biggest U. Notably the banks came to the rescue of one of their competitors, while Silicon Valley Bank failed because its closest and most loyal customers — venture capitalists and start ups — fled the bank at the first sign of trouble. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” Treasury Secretary Janet Yellen, Acting Comptroller of the Currency Michael Hsu, Federal Reserve Chair Jerome Powell and FDIC Chairman Martin Gruenberg said in a joint statement