Seth Chandler

Mar 13, 2023 | jdsupra.com | Katherine Bell |Seth Chandler |John Cobb

Background On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB. The FDIC’s press release describing the creation of the “bridge bank” Deposit Insurance National Bank of Santa Clara (DINB), the treatment of SVB’s deposits and potential next steps is available at: https://www.fdic.gov/news/press-releases/2023/pr23016.html.