SANTA CLARA, Calif.—Silicon Valley Bank (SVB) customers lined up for hours in front of the bank’s HQ location in Santa Clara on March 13 to access their funds.
Depositors rushed to the bank after the Federal Deposit Insurance Corporation (FDIC) stated in a press release that all assets—both insured and uninsured—would be available for transfer starting on March 13.
Customers wait in line outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 13, 2023. (Vivian Yin/The Epoch Times)
According to the press release, the bank was closed by the California Department of Financial Protection and Innovation, which appointed the banking regulator as the receiver. Future dividend payments may be made to uninsured depositors while the FDIC sells off the assets of SVB….