Here is an announcement about Silicon Valley Bank from the Federal Deposit Insurance Corporation (FDIC)
The Bank’s main office, as well as all of its branches, will remain closed at this time. The Bank’s normal business hours will continue to be normal. The Bank’s official checks will clear at the same time.
FDIC AS RECEIVER
The FDIC has been appointed as receiver for the Bank’s assets and will sell the Bank’s assets to DINB. DINB is the deposit insurance national bank of Santa Clara, created by the FDIC to protect the Bank’s insured deposits.
ASSETS OF DIPOSITERS
DINB will transfer to the Bank all of its insured deposits as soon as the Bank’s assets are sold. All of its insured deposits will be available to the Bank’s insured depositors as soon as Monday morning, MARTH 13, 2022. The Bank’s uninsured depositors will be paid an advance dividend by the FDIC within the week.
WORKING OF BANK
Banks will continue to operate on Monday, MARTH 13 at the latest. On-line banking will continue to be available. The Bank will continue to operate as normal.Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.
TOTAL ASSET OF BANK
The total assets of Silicon Valley Bank at December 31, 2022 were approximately $209,0 billion, and the total deposits were approximately $175,4 billion. The amount of deposits above the insurance limits was not disclosed at the time of closing. The amount of insured deposits will be disclosed once additional information is received from the bank and its customers.
HELP AND CONTACT FOR ACCOUNT HOLDERS
If you have accounts over $250,000, please contact the FDIC at 1-866,799-0959 for further information.
All assets will be retained by the FDIC as receiver for later disposition.
Loan customers should continue to pay their loans as normal.
The failure of Silicon Valley Bank marks the first FDIC-insured institution to fail in the United States this year. On October 23, 2020, the FDIC-insured Almena state bank (Almena, Kansas) failed.
