The Post Millennial
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On Friday, bank regulators seized Silicon Valley Bank (SVB), a major banking institution for venture-backed companies.
In a press release posted on Friday, the Federal Deposit Insurance Corporation (FDIC) said the California Department of Financial Protection and Innovation closed SVB and appointed the FDIC as the receiver.
The FDIC has created the Deposit Insurance National Bank of Santa Clara, which now holds SVB’s insured deposits.
The FDIC said that insured depositors will have full access to their insured deposits no later than Monday morning, and that uninsured depositors would be paid an advance dividend within the next week.
SVB’s normal business hours at all branches and banking activities will resume next week, being maintained by the DINB. Additionally, the FDIC said that SVB official checks will continue to clear.
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