Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the FDIC has been appointed receiver, becoming the first FDIC-backed institution to fail this year.
Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation has been appointed receiver, becoming the first FDIC-backed institution to fail this year.
The FDIC, which insures deposits of up to $250,000 at eligible banks, said all insured depositors will have full access to their accounts no later than Monday morning. Uninsured depositors will get a receivership certificate and may be entitled to dividends once the FDIC sells the bank’s assets. That makes it the biggest bank failure since Washington Mutual Inc. was brought down during the financial crisis of 2008.“At the time of closing, the amount of deposits in excess of the insurance limits was undetermined,” said the FDIC. “The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.
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