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FDIC Moves In to Protect Deposits as SBV Closes Its Doors

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FDIC Moves In to Protect Deposits as SBV Closes Its Doors

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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

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