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