US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual
After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank.
The FDIC announced that federally insured depositors, up to $250,000, can withdraw their funds on Monday.
The failure of Silicon Valley Bank is one of the largest bank failures in the United States since the bankruptcy of Washington Mutual (WaMu).
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