Silicon Valley Bank , Is Shut Down by Regulators.<br />CNBC reports that Silicon Valley Bank (SVB) <br />announced on March 8 that it was trying to raise over <br />$2 billion in capital after losing $1.8 billion on asset sales.<br />CNBC reports that Silicon Valley Bank (SVB) <br />announced on March 8 that it was trying to raise over <br />$2 billion in capital after losing $1.8 billion on asset sales.<br />It was not able to raise the funds. Shares of parent <br />company SVB Financial Group dropped 60% on March 9 <br />and another 60% in premarket trading on March 10.<br />It was not able to raise the funds. Shares of parent <br />company SVB Financial Group dropped 60% on March 9 <br />and another 60% in premarket trading on March 10.<br />Later on March 10, the Federal Deposit Insurance Corp. (FDIC) announced that the bank had been closed by the California Department of Financial Protection and Innovation.<br />Later on March 10, the Federal Deposit Insurance Corp. (FDIC) announced that the bank had been closed by the California Department of Financial Protection and Innovation.<br />The FDIC was appointed as receiver <br />and given control of SVB's deposits.<br />The FDIC was appointed as receiver <br />and given control of SVB's deposits.<br />The FDIC has created the Deposit Insurance National Bank of Santa Clara, which is where SVB's insured deposits are now being kept.<br />The FDIC has created the Deposit Insurance National Bank of Santa Clara, which is where SVB's insured deposits are now being kept.<br />Official checks from SVB will continue to clear.<br />Insured depositors can access their deposits <br />no later than March 13, at which time SVB branch offices will reopen under the regulator's control.<br />Insured depositors can access their deposits <br />no later than March 13, at which time SVB branch offices will reopen under the regulator's control.<br />According to the FDIC, its "standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.".<br />It's not clear how larger accounts or companies with credit lines will be affected.<br />Uninsured depositors can expect to be <br />paid an advanced dividend by next week
