In a press release published on Friday, March 10, 2023, 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.
We are monitoring this situation closely and providing resources and insights to support our clients. See below for our latest content.
// Further Guidance on SVB Provided by the FDIC
March 14, 2023
As a further update to our client alerts related to the failure of Silicon Valley Bank, the ensuing FDIC receivership, and the government’s decision to invoke the systemic risk exception, please note that the FDIC has updated its Frequently Asked Questions.
The updated FAQ can be viewed at:
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley-faq.html
// Federal Reserve Invokes Systemic Risk Exception to Make SVB Depositors Whole
March 12, 2023
// Silicon Valley Bank Closure Updates
March 12, 2023