FDIC Shutters Silicon Valley Bank

<p>Silicon Valley Bank has been taken over by the government&period;<&sol;p>&NewLine;<p>The Santa Clara-based bank was closed today by the California Department of Financial Protection and Innovation&comma; which appointed the Federal Deposit Insurance Corporation &lpar;FDIC&rpar; as receiver&period; To protect insured depositors&comma; the FDIC created the Deposit Insurance National Bank of Santa Clara &lpar;DINB&rpar;&period; At the time of closing&comma; the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank&period;<&sol;p>&NewLine;<p>All insured depositors will have full access to their insured deposits no later than Monday morning&comma; March 13&comma; 2023&period; The FDIC will pay uninsured depositors an advance dividend within the next week&period; Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds&period; As the FDIC sells the assets of Silicon Valley Bank&comma; future dividend payments may be made to uninsured depositors&period;<&sol;p>&NewLine;<p>Silicon Valley Bank had 17 branches in California and Massachusetts&period; The main office and all branches of Silicon Valley Bank will reopen on Monday&comma; March 13&comma; 2023&period; The DINB will maintain Silicon Valley Bank’s normal business hours&period; Banking activities will resume no later than Monday&comma; March 13&comma; including on-line banking and other services&period; Silicon Valley Bank’s official checks will continue to clear&period; Under the Federal Deposit Insurance Act&comma; the FDIC may create a DINB to ensure that customers have continued access to their insured funds&period;<&sol;p>&NewLine;<p>As of December 31&comma; 2022&comma; Silicon Valley Bank had approximately &dollar;209&period;0 billion in total assets and about &dollar;175&period;4 billion in total deposits&period; At the time of closing&comma; the amount of deposits in excess of the insurance limits was undetermined&period; The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers&period;<&sol;p>&NewLine;<p>Customers with accounts in excess of &dollar;250&comma;000 should contact the FDIC toll-free at 1-866-799-0959&period;<&sol;p>&NewLine;<p>The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition&period; Loan customers should continue to make their payments as usual&period;<&sol;p>&NewLine;<p>Silicon Valley Bank is the first FDIC-insured institution to fail this year&period; The last FDIC-insured institution to close was Almena State Bank&comma; Almena&comma; KS&comma; on October 23&comma; 2020&period;<&sol;p>&NewLine;<p>Shares in SVB Financial&comma; the holding company for Silicon Valley Bank&comma; have been halted for trading on Friday&period;<&sol;p>&NewLine;