After depositors rushed to withdraw funds from Silicon Valley
Bank (SVB), on Friday, March 10, 2023, the US bank was closed by the California
Department of Financial Protection and Innovation (DFPI), and the
Federal Deposit Insurance Corporation (FDIC) was named receiver of
the closed bank. SVB's sudden failure going into the weekend
created significant uncertainty – and prompted many questions
about the ability to access accounts and funds held at the bank at
the time it closed.
On March 10, the FDIC's first step was to create the Deposit
Insurance National Bank of Santa Clara (DINB) to protect insured
deposits of SVB customers and facilitate the resolution of the
bank. On the evening of Sunday, March 12, however, government
officials issued a joint press release stating, in part, that
Secretary of the Treasury Janet L. Yellen "approved actions
enabling the FDIC to complete its resolution of Silicon Valley
Bank, Santa Clara, California, in a manner that fully
