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Game Over: FDIC Shutters Silicon Valley Bank - IS FIRST INSURED INSTITUTION TO FAIL THIS YEAR

Posted By: NightSky
Date: Friday, 10-Mar-2023 13:10:09
www.rumormill.news/218787

~NightSky

by Tyler Durden
Friday, Mar 10, 2023 - 10:10 AM

Update (1135ET): Game over for Silicon Valley bank.

*FDIC: SVB BANK CLOSED BY CALIFORNIA REGULATOR

*FDIC: SVB BANK IS FIRST INSURED INSTITUTION TO FAIL THIS YEAR

*FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA

*FDIC: NAMED FEDERAL DEPOSIT INSURANCE FDIC AS RECEIVER

*FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA

*SILICON VALLEY BANK INSURED DEPOSITORS TO HAVE ACCESS MONDAY

As we noted before, while the FDIC noted that SVIB had $175BN in deposits as of Dec 31, note that some $151.5BN of these are uninsured, which means they get exactly zero although a sizable number of them likely pulled their deposits in the past few days.

And just like that SVB is no more: a historic collapse which in many ways was faster than Lehman, and which has seen SIVB stock plunge from $763 to 0 in 16 months.

Full FDIC statement below:

Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.

Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Banks normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Banks official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.

As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.

Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-799-0959.

The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition. Loan customers should continue to make their payments as usual.

Silicon Valley Bank is the first FDIC-insured institution to fail this year. The last FDIC-insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020.

* * *

Update (1030ET): In a hearing before the US House Ways & Means Committee Friday, Treasury Secretary Janet Yellen said the department is monitoring a few banks amid issues at SVB.

"There are recent developments that concern a few banks that I'm monitoring very carefully and when banks experience financial losses, it is and should be a matter of concern,"

Additionally, Reuters is reporting that SVB told its employees in a memo on Friday that they should work from home until further notice, stating according to a memo seen by the news service:

"SVB is undergoing a series of conversations that have not been concluded yet to determine next steps for the company."

https://www.zerohedge.com/markets/silicon-valley-bank-crashes-65-halted-pending-news




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