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"Silicon Valley Bank & the Impact of FDIC Bank Recieverships"

Updated: May 31, 2023

This article comes from Kilpatrick Townsend & Stockton LL.

On March 10, 2023, the California Department of Financial Protection and Innovation announced that it had closed down Silicon Valley Bank (“SVB”), a financial institution known for its services to start-ups and the venture capital industry, and that it had appointed the Federal Deposit Insurance Corporation (“FDIC”) as SVB’s receiver. The FDIC concurrently issued a press release announcing that it had formed the Deposit Insurance National Bank of Santa Clara (“DINB”) and transferred to the DINB all insured deposits of Silicon Valley Bank in order to protect depositor funds

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