Silicon Valley Bank Fails, Enters FDIC Receivership (1)

(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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