Silicon Valley Bank Fails, Enters FDIC Receivership (1)

March 10, 2023, 4:50 PM UTC

(Adds details from statement.)

  • Silicon Valley Bank was closed today by the the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver, according to a statement.
  • The main office and all branches of Silicon Valley Bank will reopen on Monday
  • Silicon Valley Bank’s normal business hours will be maintained
  • At the time of closing, the amount of deposits in excess of insurance limits was undetermined
  • Silicon Valley Bank is the first FDIC-insured institution to fail this year

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