SANTA CLARA: In a surprising turn of events, regulators closed down Silicon Valley Bank (SVB), on Friday, which is ranked as the 16th largest bank in the United States due to depositors initiating withdrawals of their funds.
As per a report by Inman, California regulators closed down the bank, and the Federal Deposit Insurance Corporation (FDIC) confiscated its assets. In response, the FDIC established a new bank named the National Bank of Santa Clara, which would be responsible for managing the failed bank’s deposits and other assets.
The bank’s abrupt closure has left numerous startups with unfulfilled contracts, and investors are left pondering the fate of their investments.
Some of the prominent real estate clients of the bank included Opendoor, Roofstock, Homebound, Nomad, Airbnb, and Tomo.
In an effort to contain any spread of financial instability, US Treasury Secretary Janet Yellen acted swiftly and authorized measures that would permit the FDIC to resolve SVB’s situation “in a manner that fully safeguards all depositors.”
The FDIC, in a statement, assured that all insured depositors would be able to fully access their insured deposits immediately.
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