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ARTICLE · 17 MARCH 2023

Silicon Valley Bank's Takeover By The FDIC

Seyfarth Shaw LLP
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Seyfarth has received a large number of client inquiries on the Federal Deposit Insurance Corporation's ("FDIC") appointment

United StatesFinance and Banking
David M. Bizar
David M. Bizar
William Hanlon
William Hanlon
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Seyfarth has received a large number of client inquiries on the Federal Deposit Insurance Corporation's ("FDIC") appointment as receiver of Silicon Valley Bank, Santa Clara, California ("SVB"). SVB was closed by the California Department of Financial Protection and Innovation on March 10, 2023, and at the time of closing the FDIC as receiver immediately transferred to the Deposit Insurance National Bank of Santa Clara ("DINB") all insured deposits of SVB.

What this means for depositors

At the time of this writing on Friday, March 10, 2023, depositors are cut off from accessing their funds on deposit, which have been transferred to DINB. The FDIC has announced that all insured depositors will have full access to their insured deposits by Monday morning, March 13, 2023. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC as receiver will pay uninsured depositors an advance dividend within the next

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