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California regulator shuts Silicon Valley Bank
Abstract：(Reuters) – A California regulator shut Silicon Valley Bank on Friday and appointed the Federal Deposit Insurance Corporation as receiver, according to the agencys statement.
(Reuters) – A California regulator shut Silicon Valley Bank on Friday and appointed the Federal Deposit Insurance Corporation as receiver, according to the agencys statement.
Silicon Valley Bank had about $209 billion in total assets and about $175.4 billion in total deposits, as of Dec. 31, 2022.
The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, according to the statement.
The startup-focused lender had 17 branches in California and Massachusetts.
(Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru; Editing by Anil DSilva)
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