FDIC Moves In to Protect Deposits as SBV Closes its Doors

• Silicon Valley Bank is getting closed by California regulators.
• FDIC already moved in to set up Deposit Insurance National Bank of Santa Clara in order to protect insured deposits.
• According to FDIC, insured depositors will be able to access their deposits on Monday, March 13th, at the latest.
• SVB’s share price collapsed 60% in the premarket before a trading halt was imposed earlier today.
• SVB is the first FDIC-insured bank to have failed in 2023.
• Earlier this week, the crypto-friendly Silvergate bank was forced to close its doors due to mounting hardships stemming from the collapse of FTX.

This is a breaking story and will be updated as new details emerge.