US Bank regulators seize Silicon Valley Bank in largest bank failure since the Great Recession
18th largest bank in the US by total assets, 'largest bank failure since the Great Recession— db (@tier10k) March 10, 2023
NEW YORK (AP) — Bank regulators seize Silicon Valley Bank in largest bank failure since the Great Recession.
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank. All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend ... (full story)
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