{"id":18571,"date":"2023-03-10T19:10:38","date_gmt":"2023-03-10T19:10:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-regulators-close-silicon-valley-bank-in-one-of-the-largest-bank-failures-since-washington-mutual-bitcoin-news\/"},"modified":"2023-03-10T19:10:38","modified_gmt":"2023-03-10T19:10:38","slug":"us-regulators-close-silicon-valley-bank-in-one-of-the-largest-bank-failures-since-washington-mutual-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-regulators-close-silicon-valley-bank-in-one-of-the-largest-bank-failures-since-washington-mutual-bitcoin-news\/","title":{"rendered":"US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank.<\/strong><\/p>\n

Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for Depositors With Accounts Exceeding $250K<\/h2>\n

On Friday, U.S. regulators closed<\/a> Silicon Valley Bank (SVB) following a significant drop in the firm\u2019s stock value and reports of a bank run on deposits. SVB\u2019s shares were halted<\/a> on Nasdaq, and rumors began to spread that the bank was seeking a buyer. Shortly thereafter, the California Department of Financial Protection and Innovation and the FDIC shut SVB down.<\/p>\n

The FDIC announced that federally insured depositors, up to $250,000, can withdraw their funds on Monday. It is uncertain how the bank will handle larger deposits. \u201cAt the time of closing, the FDIC as the receiver immediately transferred all insured deposits of Silicon Valley Bank to the DINB,\u201d the agency explained on Friday. Depositors with accounts exceeding $250,000 can contact the FDIC to seek a resolution.<\/p>\n

The regulator noted that as of the end of 2022, SVB had $209 billion in assets and $175.4 billion in deposits. \u201cAt the time of closing, the amount of deposits exceeding the insurance limits was undetermined,\u201d the FDIC statement cautioned. \u201cThe amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and its customers.\u201d<\/p>\n

The failure of Silicon Valley Bank is one of the largest bank failures in the United States since the bankruptcy<\/a> of Washington Mutual (Wamu). SVB\u2019s failure comes shortly after the liquidation announcement<\/a> by Silvergate Bank, a crypto-friendly financial institution that said it was winding down operations.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
Assets<\/a>, Bank Demise<\/a>, Bank Failure<\/a>, Bank Run<\/a>, Banking Industry<\/a>, Banking US<\/a>, buyer<\/a>, California Department of Financial Protection and Innovation<\/a>, Cryptocurrencies<\/a>, Customers<\/a>, deposits<\/a>, Digital Assets<\/a>, DINB<\/a>, FDIC<\/a>, Federal Deposit Insurance Corporation<\/a>, financial institution<\/a>, Insurance Limits<\/a>, Insured Depositors<\/a>, Liquidation<\/a>, nasdaq<\/a>, Receiver<\/a>, Regulators<\/a>, resolution<\/a>, Silicon Valley Bank<\/a>, Silicon Valley Bank deposits<\/a>, Silvergate Bank<\/a>, Stock Value<\/a>, SVB<\/a>, uncertainty<\/a>, Uninsured Deposits<\/a>, United States<\/a>, US Banking<\/a>, withdraw funds<\/a><\/div>\n<\/div>\n

What do you think the closure of Silicon Valley Bank and the recent liquidation announcement by Silvergate Bank say about the state of the banking industry? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Sundry Photography \/ Shutterstock.com<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n