FDIC Takes Control of Silicon Valley Bank After Its Collapse

FDIC Takes Control of Silicon Valley Bank After Its Collapse
People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 10, 2023. Justin Sullivan/Getty Images
Bryan Jung
Updated:
0:00

The Federal Deposit Insurance Corporation (FDIC) has assumed control of Silicon Valley Bank (SVB) to protect depositors from losing all of their money after it was closed by the California Department of Financial Protection and Innovation.

Federal banking regulators on March 10 took custody of the country’s 16th largest bank, which was a top lender for American tech and life sciences firms and start-ups, according to a press release.
Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
Related Topics