Free Trial

Silicon Valley Bank Fails as FDIC Appoints Receiver

EQUITIES
  • Silicon Valley Bank formally becomes the first insured institution of the year to fail as the FDIC release a statement confirming the closure of the bank.

Full statement here: FDIC: PR-16-2023 3/10/2023


Statement highlights:

  • All insured depositors will have full access to their insured deposits no later than Monday morning
  • 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
  • Banking activities will resume no later than Monday, March 13, including on-line banking and other services
  • Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-799-0959
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.