For Immediate Release
WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed today by the
California
Department
of Financial Protection and Innovation, which appointed the Federal Deposit Insurance
Corporation (FDIC)
as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National
Bank of Santa
Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the
DINB all insured
deposits of Silicon Valley Bank.
All insured depositors will have full access to their insured deposits no later than Monday
morning
