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The bank's deposits are currently locked up and under receivership.
The California Department of Financial Protection and Innovation (DFPI) on Friday closed Silicon Valley Bank to protect customer deposits and will reopen March 13 under federal control, according to official sources.
The Federal Deposit Insurance Corporation (FDIC) has been appointed receiver for further disposition of the bank's assets.
All insured depositors will have full access to their insured deposits as of Monday, the FDIC said noting that 89 percent of the bank's $175 billion in deposits were uninsured at the end of 2022, so their fate has yet to be determined.
The DFPI "took possession of Silicon Valley Bank, citing inadequate liquidity and insolvency," the Californian agency said.
California financial regulators closed Silicon Valley Bank today
This is an extinction-level event for hundreds of tech startups in the valley and the city
It will be interesting to see how bad things get if we tip into a full scale recession