The financial regulators of California have shut down the Silicon Valley Bank,  the California Department of Financial Protection and Innovation announced on March 10.

This move saw Silicon Valley Bank becoming the first FDIC-insured bank to be shut down in 2023.

The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver and being the receiver, and in an attempt to protect insured deposits, FDIC said it has created a Deposit Insurance National Bank of Santa Clara (DINB), FDIC has however moved all the insured deposits of the SVB to DINB.

However, all insured deposits will be accessible to their insured deposits no later than Monday, 13 March, while all uninsured depositors will be paid advance dividends within the next three weeks.

“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,” the release added.

Silicon Valley Bank is a major financial institution for Venture-backed companies, it boasts 17 branches both in Massachusetts and California. As of December 31, 2022, the bank had around $209 billion in total assets and about $175.4 million in total deposits.

The DINB will however maintain normal working hours of Silicon Valley Bank, starting from March 13, the release stated.

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