www.zerohedge.com By Tyler Durden
Update (1135ET): Game over for Silicon Valley bank.
- *FDIC: SVB BANK CLOSED BY CALIFORNIA REGULATOR
- *FDIC: SVB BANK IS FIRST INSURED INSTITUTION TO FAIL THIS YEAR
- *FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA
- *FDIC: NAMED FEDERAL DEPOSIT INSURANCE FDIC AS RECEIVER
- *FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA
- *SILICON VALLEY BANK INSURED DEPOSITORS TO HAVE ACCESS MONDAY
As we noted before, while the FDIC noted that SVIB had $175BN in deposits as of Dec 31, note that some $151.5BN of these are uninsured, which means they get exactly zero although a sizable number of them likely pulled their deposits in the past few days.
Full FDIC statement below:
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.
Read Full Article Here…(zerohedge.com)
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