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After a tumultuous few days, in which Silicon Valley Bank's stock plummeted amid liquidity fears, the startup-centric bank has finally shut down.
The California Department of Financial Protection and Innovation closed SVB Friday afternoon, appointing the Federal Deposit Insurance Corporation (FDIC) to take over operations. To protect the bank's clients, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB) and transferred SVB deposits to this new entity.
SVB depositors "will have full access to their insured deposits no later than Monday morning," said the FDIC in an announcement. The bank held $209 billion in assets and roughly $175 billion in deposits at the end of last year.
The bank's shuttering comes just days after Silvergate, a crypto-friendly bank based in California, also wound down its operations.
Editor's note: This story is breaking and will be updated shortly.