Silicon Valley Bank shut down by regulators in most notable failure since 2008 crisis

SThe state of has closed the Ilicon Valley Bank California According to the Federal Deposit Insurance Corporation, attempts to raise capital have failed.

The FDIC Just days later, the move was made public on Friday Silicon Valley Bank, the 16th largest federally insured banking institution in the country, suddenly stated that they needed more than $2.2 Billion. FDIC placed the bank under receivership and established the Deposit Insurance National Bank of Santa Clara. This bank holds deposits from Silicon Valley Bank.

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This is the first government-backed bank to fail this year and is a big deal in part because the bank is tied to venture-capital-backed companies.

“The FDIC will pay uninsured depositors an advance dividend within the next week,” The government corporation said. “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.”

The Wednesda