FDIC Protects Insured Depositors
The FDIC created the Deposit Insurance National Bank of Santa Clara (DINB) to protect insured depositors. The FDIC immediately transferred all Silicon Valley Bank-insured deposits to the DINB at closing.
Shares of the Parent Company Halted
Shares of the bank's parent company, SVB Financial, remained halted for trade after losing 60% on Thursday and another 60% in pre-market trading on Friday.
Uninsured Depositors to Receive Advance Dividend
All insured depositors will have full access to their insured deposits by Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. Future dividend payments may be made to uninsured depositors as the FDIC sells the assets of Silicon Valley Bank.
