The FDIC said that all insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023.
Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California’s financial watchdog on March 10 — marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023.that Silicon Valley Bank was ordered to close but did not specify the reason for the shutdown. The California regulator appointed the FDIC as the receiver to protect insured deposits.
Depositors “will have full access to their insured deposits no later than Monday morning, March 13, 2023,” read the official statement. The regulator explained that uninsured depositors would be given a “receivership certificate for the remaining amount of their uninsured funds” and entitled to future dividend payments once the FDIC sells all Silicon Valley Bank assets.
Silicon Valley Bank, which is also known as SVB, operated 17 branches across California and Massachusetts. All branches and the main office will be open on March 13 to facilitate depositor access.
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