![]() The main office and its 17 branches will reopen for business on March 13, the FDIC said. Meanwhile, uninsured depositors will receive "an advance dividend within the next week," as well as a receivership certificate for the remaining amount of their uninsured funds. All insured depositors will have access to their insured deposits by Monday morning, March 13, the FDIC said in a statement. The FDIC said it created a new institution, the Deposit Insurance National Bank of Santa Clara (DINB), and that it had immediately transferred all insured deposits at Silicon Valley Bank to the new bank. The reason, it said, was "inadequate liquidity and insolvency." What happens to depositors and clients? The California Department of Financial Protection and Innovation on Friday said it has taken possession of Silicon Valley Bank. Silicon Valley Bank offers business lending products such as loans to help finance acquisitions or projects, touting on its website that it "helps businesses at every stage." The bank also provides private banking services and other financial products. Before its failure, it ranked as the 16th largest bank in the country, holding $210 billion in assets. ![]() Silicon Valley Bank, founded in 1983, grew rapidly with the explosion of businesses in the tech-focused region, eventually expanding to more than a dozen states and countries including Israel, Ireland and Germany. It's the largest failure of a financial institution since Washington Mutual in 2008 at the height of the financial crisis more than a decade ago. Regulators stepped in to take control, with the California Department of Financial Protection and Innovation closing the bank and appointing the Federal Deposit Insurance Corporation (FDIC) as receiver. government steps in to shore up deposits at Silicon Valley Bank ![]() The nosedive reflected fears of a bank run, concerns that materialized as depositors - mostly technology company workers and venture capital-backed companies - rushed to withdraw money this week as anxiety over the bank's balance sheet spread. ![]() The company's stock tumbled 60% on Thursday and had plunged another 70% on Friday before trading of its shares was halted. California regulators on Friday abruptly shuttered Silicon Valley Bank, closing a 40-year-old financial institution that catered to the tech industry and that was the 16th largest U.S. ![]()
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