This past weekend saw the sudden closure of two banking
institutions, resulting in the largest institutional failure since
the financial crisis of 2008.
As many are aware, on Friday, March 10, 2023, Silicon Valley
Bank ("SVB") was closed by the California Department of
Financial Protection and Innovation. Then, on Sunday, March 12,
Signature Bank ("Signature") was closed by the New York
State Department of Financial Services.
When a financial institution closes, it is typically placed into
receivership with the Federal Deposit Insurance Corporation
("FDIC") as receiver. This was no different with the
closures of SVB and Signature. The banks are currently in
receivership, with the FDIC serving as the appointed receiver.
