Silicon Valley Bank is getting closed by California regulators.
FDIC already moved in to set up Deposit Insurance National Bank of Santa Clara in order to protect insured deposits.
According to FDIC, insured depositors will be able to access their deposits on Monday, March 13th, at the latest.
SVB’s share price collapsed 60% in the premarket before a trading halt was imposed earlier today.
SVB is the first FDIC-insured bank to have failed in 2023.
Earlier this week, the crypto-friendly Silvergate bank was forced to close its doors due to mounting hardships stemming from the collapse of FTX.
This article originally appeared on The Tokenist
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
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