Silicon Valley Bank Is Shut Down by Regulators, FDIC to Protect Insured Deposits

The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning. SVB’s branch offices will also reopen at that time, under the control of the regulator. The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.

Silicon Valley Bank has been closed by regulators, which have taken control of the bank’s deposits, the Federal Deposit Insurance Corp. announced Friday.

The California Department of Financial Protection and Innovation closed SVB, and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa

→ Continue reading at NBC Bay Area

More from author

Related posts

Advertisment

Latest posts

The Tantalizing Mystery of the Solar System’s Hidden Oceans

The original version of this story appeared in Quanta Magazine.For most of humankind’s existence, Earth was the only known ocean-draped world, seemingly unlike any...

The Role of Scholarships and Grants in Financing Education

Applying for scholarships and grants helps students pay for college. In some situations, these awards allow people to obtain a degree they wouldn't be...

EV, hybrid and gas-powered: Some interesting cars coming in 2024 | CNN Business

CNN  —  Next year will see the introduction of some new, genuinely affordable electric vehicles as well as...