Silicon Valley Bank Closed by Regulators
Posted on AllSides March 10th, 2023
From The Center
DAVID PAUL MORRIS/BLOOMBERG NEWS
Regulators shut down Silicon Valley Bank Friday after a run on deposits doomed the tech-focused lender’s plans to raise fresh capital.
The Federal Deposit Insurance Corp. said it has taken control of SVB via a new bank it created called the Deposit Insurance National Bank of Santa Clara. All of the bank’s deposits have been transferred to the new bank, the regulator said.
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