According to a press release from the FDIC, Friday, March 10, 2023, “Silicon Valley Bank, Santa Clara, California, was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.”
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“I want to reassure our clients that we do not have any deposit accounts, including client payroll funds, at Silicon Valley Bank.”
The FDIC created a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors. The article goes on to say “All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.“
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