Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (FDIC)...
Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation has been appointed receiver, becoming the first FDIC-backed institution to fail this year. The news comes amid a crisis at parent SVB Financial Group SIVB, which lost a record 60% of its value on Thursday, after it disclosed large losses from securities sales and announced a dilutive stock offering along with a profit warning.
Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation has been appointed receiver, becoming the first FDIC-backed institution to fail this year. The news comes amid a crisis at parent SVB Financial Group SIVB , which lost a record 60% of its value on Thursday, after it disclosed large losses from securities sales and announced a dilutive stock offering along with a profit warning.
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