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Home General News

Silicon Valley Bank Closed By California Regulator

Hania by Hania
March 10, 2023
in General News
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Alameda-Backed Farmington Bank Forced to Cease Operations
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According to the FDIC, as a receiver, it promptly transferred all Silicon Valley Bank-insured deposits to the recently established Deposit Insurance National Bank of Santa Clara (DINB).

On March 10, California’s financial watchdog closed Silicon Valley Bank, a significant financial institution for venture-backed businesses, making it the first bank insured by the Federal Deposit Insurance Corporation to fail in 2023.

Silicon Valley Bank received a shutdown order, although the California Department of Financial Protection and Innovation did not provide a justification for the decision. To safeguard insured savings, the California regulator named the FDIC as a receiver.

Depositors “will have complete access to their insured deposits no later than Monday morning, March 13, 2023,” according to the official announcement. The regulator noted that once the FDIC sells all of Silicon Valley Bank’s assets, uninsured depositors will be issued a “receivership certificate for the remaining amount of their uninsured funds” and be eligible for future dividend payments.

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Silicon Valley Bank Closed By California Regulator

SVB, another name for Silicon Valley Bank, ran 17 branches across Massachusetts and California. On March 13, all branches and the main office will be accessible to depositors.

SVB is one of the top 20 banks in terms of assets in the United States. Some venture capital firms with a focus on cryptocurrencies, like Andreessen Horowitz and Sequoia, acquired financial services from the bank.

Less than 48 hours after management announced they needed to raise $2.25 billion in stock to support operations, the bank’s downfall came quickly. In its mid-quarter financial update, SVB disclosed the sale of $21 billion in securities at a $1.8 billion loss, along with the announcement.

Silicon Valley Bank Closed By California Regulator

On March 9, trading in SVB stock was suspended because of the company’s high volatility. According to The Wall Street Journal, the stock’s 60% fall was the biggest single-day wipeout in history.

Also Read:

Silvergate The Crypto-Friendly Bank Shuts Down, The Latest Victim Of 2022’s Crypto Turmoil

Tags: Californiacrypto newscrypto regulationsSVB
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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