- The FDIC has shut down Silicon Valley Bank.
- Trading was halted for the bank early Friday.
- “At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.”
The Federal Deposit Insurance Corporation shut Silicon Valley Bank on Friday, the regulator said in a statement, capping off a rapid collapse for the firm.
“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,” the regulator said in a statement.
Shares of the financial firm crashed 87% over two days as fears of a bank run escalated this week.
