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ARTICLE · 17 MARCH 2023

Silicon Valley Bank Closure Updates

Foley Hoag LLP
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Just before noon on Friday March 10, 2023, Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was named as the receiver.

United StatesFinance and Banking
Foley Hoag LLP
Foley Hoag LLP
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Just before noon on Friday March 10, 2023, Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was named as the receiver. Since that time, SVB customers have scrambled to assess their exposure, understand business risks, and prepare for the possibility of operating their businesses without immediate access to bank accounts and other banking services.

Over the weekend (as of the time of the publishing of this Alert), regulators provided little information about the process for customers to access their funds above the insured deposits, leaving those impacted by the closure of SVB without clear guidance.

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