Sil­i­con Val­ley Bank, which served bio and tech sec­tors, is shut down af­ter days of tur­moil

Sil­i­con Val­ley Bank, the bank­ing arm of SVB Fi­nan­cial Group, has been shut down and tak­en over by gov­ern­ment au­thor­i­ties af­ter days of spec­u­la­tion about its fu­ture and a run on de­posits.

The Fed­er­al De­posit In­sur­ance Cor­po­ra­tion an­nounced Fri­day that the bank’s in­sured as­sets would be trans­ferred to the new­ly cre­at­ed De­posit In­sur­ance Na­tion­al Bank of San­ta Clara. But the FDIC on­ly in­sures bank ac­counts up to $250,000. Cus­tomers with ac­counts over that amount will get “re­ceiver­ship cer­tifi­cate for the re­main­ing amount of their unin­sured funds.”

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