Today Silicon Valley Bank, Of Santa Clara, California, was Shut Down today by the California Department of Financial Protection and Innovation, which has appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver. To protect Silicon Valley Bank insured depositors, the FDIC has created the Deposit Insurance National Bank of Santa Clara. At the time of the closing, the FDIC as it’s receiver immediately then transferred to the DINB all insured deposits of the Silicon Valley Bank.
All the insured depositors will have full access to their FDIC insured deposits no later than Monday morning, March 13, 2023. The FDIC Plans to pay uninsured depositors an advance in dividend form within the next week. For any Uninsured depositors they will receive a receivership certificate for the remaining amount of their uninsured funds.
Silicon Valley Bank Of Santa Clara California had 17 branches in California and Massachusetts. The main Branch office and all branches of Silicon Valley Bank are set to reopen on Monday, March 13, 2023. The DINB will effectively maintain Silicon Valley Bank’s normal business hours.
As of December 31, 2022, Silicon Valley Bank had an approximate balance of $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing by the FDIC,
Silicone Valley Bank Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-799-0959.
