Silicon Valley Bank is shut down by regulators, FDIC to protect insured deposits

FAN Editor

Andrey Rudakov | Bloomberg | Getty Images

Silicon Valley Bank has been closed by regulators, which have taken control of the bank’s deposits, the Federal Deposit Insurance Corporation announced Friday.

The California Department of Financial protection and Innovation closed SVB, and named the Federal Deoposit Insurace Corporation as the receiver.

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The FDIC has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.

This is breaking news. Please check back for updates.

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