FDIC Takes over Silicon Valley Bank

Post by briandear » Fri, Mar 10, 2023, 5:01 PM UTC

ejstronge wrote: post #48

chollida1 wrote: post #30

some note i've been taking > To protect insured depositors, the FDIC created a new entity called the Deposit Insurance National Bank of Santa Clara, or DINB. DINB will maintain Silicon Valley Bank’s normal business hours, with banking activities resuming no later than Monday, including online banking and other services, the FDIC said. Customers with accounts in excess of $250,000 are being told to contact FDIC direcl…

>Keep in mind 93% of SVB's assest were not FDIC insured. >> Silicon Valley Bank Had About $209.0B in Assets I'm not an expert, but aren't deposits in a bank liabilities ? Assets are things like treasury bills and loans held by the bank.

Post by _delirium » Fri, Mar 10, 2023, 5:01 PM UTC

ellisv wrote: post #34

davidgerard wrote: post #10

First actual FDIC takeover since 2020, I think.

| The last FDIC-insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020. From the release.

Post by colpabar » Fri, Mar 10, 2023, 5:02 PM UTC

idlewords wrote: post #38

Now we just need an "incredible journey" blog post from SVB spinning this acquisition as a great win for both customers and investors.

Post by ncallaway » Fri, Mar 10, 2023, 5:02 PM UTC

Octokiddie wrote: post #18

> At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. What are the insurance limits for companies? Same as individuals? I get the sense that most of SVB's deposits were from startups and small companies. And I also get the sense that $250K is not much room for a startup trying to make payroll to employees with Silicon Valley wages.

Post by whalesalad » Fri, Mar 10, 2023, 5:03 PM UTC