Silicon Valley Bank
Sun, 2023-Mar-12 02:23 UTC
Length - 2:19
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With 319,625 views on Saturday, 11 March 2023 our article of the day is Silicon Valley Bank.
Silicon Valley Bank (SVB) was a commercial bank headquartered in Santa Clara, California. SVB was the 16th-largest bank in the United States at the time of its failure on March 10, 2023, and was the largest bank by deposits in Silicon Valley. It was a subsidiary of the bank holding company SVB Financial Group. As a state-chartered bank, it was regulated by the California Department of Financial Protection and Innovation and was a member of the Federal Reserve System. On March 10, 2023, after a bank run on its deposits, it failed. Its state regulatory agency revoked its charter and transferred the business into receivership under the Federal Deposit Insurance Corporation (FDIC) in the second-largest bank failure in U. S. history. Its insured deposits were moved to a new bank created by the FDIC, called the Deposit Insurance National Bank of Santa Clara, operating from SVB's former offices. December 2022 regulatory filings estimated that more than 85% of deposits were uninsured, and the FDIC said it would begin covering those deposits with special dividends within days as SVB's assets were liquidated. The bank operated from offices in the United States, India, the United Kingdom, Israel, Canada, China, Germany, Hong Kong, Ireland, Denmark, and Sweden.
This recording reflects the Wikipedia text as of 02:23 UTC on Sunday, 12 March 2023.
For the full current version of the article, see Silicon Valley Bank on Wikipedia.
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