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An official website of the United States government

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 * About
   
   
   ABOUT
   
   The Federal Deposit Insurance Corporation (FDIC) is an independent agency
   created by the Congress to maintain stability and public confidence in the
   nation’s financial system. Learn about the FDIC’s mission, leadership,
   history, career opportunities, and more.
   
    * Learn More About the FDIC
   
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 4. 2023

Press Release


FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA TO PROTECT INSURED
DEPOSITORS OF SILICON VALLEY BANK, SANTA CLARA, CALIFORNIA

Friday, March 10, 2023
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CONTACTS:

Customer Contact:

1-866-799-0959

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Media Contact:

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ABOUT THE FDIC:

The Federal Deposit Insurance Corporation (FDIC) is an independent agency
created by the Congress to maintain stability and public confidence in the
nation's financial system. The FDIC insures deposits; examines and supervises
financial institutions for safety, soundness, and consumer protection; makes
large and complex financial institutions resolvable; and manages receiverships.

Learn More


FOR IMMEDIATE RELEASE

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

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