After the sudden collapse of Silicon Valley Bank on Friday, dozens of customers lined up to withdraw all the cash they had.

On the footage posted in Twittercustomers could be seen lining up at the entrance to one of the Bay Area branches in Menlo Park, Californiaacross the block, in the pouring rain.

There were similar scenes at other branches of the bank, including one in Manhattan, where panic reached such a level that building managers at SVB’s office called the police after a group of disgruntled tech founders showed up at the door in an attempt to collect their funds.

Founded in 1982, SVB was the largest bank in Silicon Valley and specialized in lending to start-up technology companies, providing funds for tens of thousands of new businesses.

But the company’s shares fell more than 80% after it stunned the market on Wednesday night by warning that it had suffered a $1.8 billion loss following a fire sale of an asset portfolio consisting mostly of U.S. government debt.

Dozens of customers could be seen outside the branch in Menlo Park, California

A bank employee informs customers that Silicon Valley Bank (SVB) headquarters are closed Friday in Santa Clara, Calif.

The lender’s problems have sparked frenzied withdrawals from customers and prompted California regulators to step in after a record drop in its share price raised concerns about its stability.

SVB’s failure is the biggest since the collapse of Washington Mutual, which collapsed during the 2008 financial crisis and was at the time the largest savings and loan association in the US.

Stock trading was halted on Friday due to the worsening crisis. The company was reported to be in discussions to sell itself, but any chance of a deal quickly faded as customers rushed to pull out their cash.

The rout in SVB shares has spread to major US banks, with JP Morgan down 7% this week, Citigroup down 7.1%, Morgan Stanley down 7.2%, Goldman Sachs down 7% and Bank of America down 11%. .

SVB shares fell 67 percent from $267 to $106 on Thursday before trading was halted

New York City police were called after “about a dozen” financiers, including former Lyft CEO Dor Levy, showed up outside SVB’s Park Avenue branch when the bank’s breakout Friday morning prompted FDIC arrests his assets

At the Park Avenue branch, the doors were locked, and only employees with a key card were allowed into the building

Two police cars pulled up to the bank’s Park Avenue branch in Manhattan on Friday after investors arrived frantically trying to withdraw their money.

People line up outside a closed Silicon Valley bank in Santa Clara on Friday

Shown is a sign located at the entrance to a Silicon Valley bank. The Federal Deposit Insurance Corporation seized the bank’s assets on Friday, the largest bank failure since Washington Mutual at the height of the 2008 financial crisis.

European banks were also hit, with Deutsche Bank down 7.4%, while France’s Societe Generale and BNP Paribas fell 4.5% and 3.8% respectively.

SVB, the country’s 16th largest bank, has been a critical lender to technology start-ups, healthcare companies and venture capital-backed companies, including some of the industry’s best-known brands.

“This is an extinction-level event for startups,” said Harry Tan, CEO of Y Combinator, the startup incubator that launched Airbnb, DoorDash and Dropbox and sent hundreds of entrepreneurs to the bank.

“I’ve literally heard from hundreds of our founders asking for help on how they can get through this. They ask: “Do you need to fire your workers?”

According to the bank’s website, nearly half of the U.S. technology and health care companies that went public last year after early stage funding from venture capital firms were clients of Silicon Valley Bank.

The bank also boasted its ties to leading technology companies such as Shopify, ZipRecruiter and one of the leading venture capital firms, Andreesson Horowitz.

Ten estimated that nearly one-third of Y Combinator startups will not be able to generate payroll at some point in the next month if they cannot access their money.

Internet provider Roku was also affected by the bank’s collapse. A regulatory filing on Friday said about 26% of its cash — $487 million — was placed with Silicon Valley Bank.

Roku said its deposits with SVB are largely uninsured and it does not know “to what extent” it will be able to recover them.

As part of the forfeiture, California banking regulators and the FDIC transferred the bank’s assets to a newly created institution, the Santa Clara Deposit Insurance Bank. The new bank will start paying insured deposits on Monday.

The FDIC and California regulators then plan to sell off the remaining assets to appraise other depositors.

Failure came with unimaginable speed. Some industry analysts suggested on Friday that the bank remains a good company and a smart investment. Meanwhile, Silicon Valley Bank executives were scrambling to raise capital and find additional investors. However, trading in the bank’s shares was halted before the stock market opened due to extreme volatility.

Shortly before noon, the FDIC closed the bank. Notably, the agency did not wait for the work to end, which is a typical approach. The FDIC was unable to immediately find a buyer for the bank’s assets, signaling how quickly depositors cashed out.

The financier was founded in 1982 in Santa Clara, California, and was one of Silicon Valley’s oldest and largest banks, managing the majority of local deposits in the area. Its collapse marks a rapid fall from grace for the lender, which was valued at more than $44 billion a year ago.

At the time of the bankruptcy, the bank had about $209 billion in total assets, according to the FDIC. It was unclear how many of his deposits exceeded the $250,000 insurance limit, but previous regulatory reports indicated that many accounts exceeded that amount.

It mainly focuses on lending cash to technology firms and offering services to private equity and venture capital groups to invest in the sector.

Boss Greg Becker is struggling to rebuild trust in the bank as the rapidly escalating crisis has forced many of his supporters to withdraw their money, leaving the bank facing a cash shortage.

In a hastily arranged call on Thursday, Becker, 52, advised beleaguered SVB supporters and founders to “keep calm”, saying “the last thing we need you to do is panic”.