Silicon Valley Bank has been closed by regulators, which are now in charge of the bank’s deposits, according to a release sent out by the Federal Deposit Insurance Corporation on Friday.
While banking activities in SVB’s 17 branches are closed today, SVB’s operations will resume on Monday – this time, with the FDIC in charge. Of the many moves that FDIC is making, the top priority appears to be giving customers access to their deposits. The same memo says that all insured depositors will have “full access” to “insured” deposits no later than Monday morning, March 13, 2023 and that official checks “will continue to clear.” Uninsured depositors will get paid an advanced dividend within the next week, the memo says, and future dividends could be made as FDIC sells assets of SVB.
Deposit insurance, per the FDIC’s definition, means that depo …
