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ARTICLE · 21 MARCH 2023

Silicon Valley Bank Closure Updates

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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In a press release published on Friday, March 10, 2023,[1] the Federal Deposit Insurance Corporation (FDIC) announced that the California Department of Financial Protection and Innovation...

United StatesInsolvency/Bankruptcy/Re-Structuring
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In a press release published on Friday, March 10, 2023,1 the Federal Deposit Insurance Corporation (FDIC) announced that the California Department of Financial Protection and Innovation had, as of the same date, closed Silicon Valley Bank (SVB) and appointed the FDIC as the receiver. The FDIC immediately created the Deposit Insurance National Bank of Santa Clara (DINB) and transferred all insured deposits previously held at SVB to the DINB.

The rights and responsibilities of the FDIC acting as a receiver are governed by the Federal Deposit Insurance Act.2

Continue reading our Frequently Asked Questions Related to the SVB Receivership below.

And please also see new updates here:

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