Silicon Valley Financial institution collapsed Friday morning after a surprising 48 hours through which a financial institution run and a capital disaster led to the second-largest failure of a monetary establishment in US historical past.
California regulators closed down the tech lender and put it underneath the management of the US Federal Deposit Insurance coverage Company. The FDIC is performing as a receiver, which usually means it’ll liquidate the financial institution’s property to pay again its prospects, together with depositors and collectors.
The FDIC, an impartial authorities company that insures financial institution deposits and oversees monetary establishments, stated all insured depositors may have full entry to their insured deposits by no later than Monday morning. It stated it could pay uninsured depositors an “advance dividend throughout the subsequent week.” CNN’s Matt Egan reviews. #CNN #MattEgan #cnnnewsroom