Silicon Valley Bank headquarters in Santa Clara, CA (David Paul Morris/Bloomberg via Getty Images)
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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