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By Anand Singha Mar 10, 2023 10:51:15 PM IST (Updated)
The California Department of Financial Protection and Innovation issued the closure order and named the FDIC as the receiver, with the responsibility of safeguarding insured deposits.
The Silicon Valley Bank (SVB) has been shut down by regulators, the Federal Deposit Insurance Corporation (FDIC) said on March 10.
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The California Department of Financial Protection and Innovation issued the closure order and named the FDIC as the receiver, with the responsibility of safeguarding insured deposits.
The FDIC in turn has established the Deposit Insurance National Bank of Santa Clara to manage SVB's insured deposits.