Well said, Mark! They praised the very people for stepping up and coming to save the country when the pandemic was in full force, but now this? It's not fair to attack CEOs of major grocery chains without fully understanding the complexities of their business models. It's also important to acknowledge that the government plays a role in the economy and has a responsibility to manage inflationary pressures. We should strive for productive dialogue and evidence-based solutions rather than resorting to sensationalism and soundbites.
For Immediate Release
March 12, 2023
WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
All insured depositors will have full access to their insured deposits no later than 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. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.
As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.
Customers with accounts in excess of $250,000 should contact the FDIC toll–free at 1-866-799-0959.
The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition. Loan customers should continue to make their payments as usual.
Silicon Valley Bank is the first FDIC–insured institution to fail this year. The last FDIC–insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020.
FDIC: PR-16-2023
I am so proud of what #team@caarycapital has accomplished in such a short time. Thank you for your hard #work, I see and appreciate everything you do.The #success our organization has experienced would not be possible without you."If you can dream it, you can do it.” Walt Disney
Check out our favourite photos from Caary’s end-of-year townhall yesterday. The team came together to reflect on our growth over the past year and look ahead to some exciting plans for 2023 👀
@mayordaveryan Thank you for being a strong leader and advocate, for always having an open door. It’s been a pleasure to work with you.Your accomplishments are many, and your successes plenty. I hope you enjoy some well deserved rest, and time with your family @DliveDurham
Read the exclusive interview with Caary co-founders Steve Apostolopoulos and Jason Sawyer in this month’s issue of @canadian_sme.
Steve and Jason delve into one of their favourite topics – the growing relationship between small business and #fintech: https://t.co/lszEr6aRBY