https://www.fdic.gov/news/press-releases/2023/pr23016.html Skip Header U.S. flag An official website of the United States government Dot gov The .gov means it's official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site. Https The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. FDIC.gov home page * About About The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system. Learn about the FDIC's mission, leadership, history, career opportunities, and more. + Learn More About the FDIC + What We Do + Leadership + Careers + Diversity & Inclusion + Innovation + Initiatives + Strategic Plans + Financial Reports + History + Governance + Ombudsman + Doing Business with the FDIC FDIC Named Receiver for Silicon Valley Bank Resolution / March 10, 2023 FDIC Named Receiver for Silicon Valley Bank Financial Empowerment and Inclusion Consumer News / March 3, 2023 Financial Empowerment and Inclusion FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Fourth Quarter 2022 Press Release / February 28, 2023 FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Fourth Quarter 2022 Agencies Issue Joint Statement on Liquidity Risks Resulting from Crypto-Asset Market Vulnerabilities Press Release / February 23, 2023 Agencies Issue Joint Statement on Liquidity Risks Resulting from Crypto-Asset Market Vulnerabilities * Resources Resources The FDIC provides a wealth of resources for consumers, bankers, analysts, and other stakeholders. 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Browse our extensive research tools and reports. + More FDIC Analysis + Center for Financial Research + FDIC National Survey of Unbanked and Underbanked Households + Quarterly Banking Profile + FDIC Academic Challenge Quarterly Banking Profile for Fourth Quarter 2022 Event / February 28, 2023 Quarterly Banking Profile for Fourth Quarter 2022 Quarterly Banking Profile for Third Quarter 2022 Event / December 1, 2022 Quarterly Banking Profile for Third Quarter 2022 FDIC Releases 2021 National Survey of Unbanked and Underbanked Households Announcement / October 25, 2022 FDIC Releases 2021 National Survey of Unbanked and Underbanked Households Quarterly Banking Profile Event / September 8, 2022 Quarterly Banking Profile * News News The FDIC publishes regular updates on news and activities. Keep up with FDIC announcements, read speeches and testimony on the latest banking issues, learn about policy changes for banks, and get the details on upcoming conferences and events. + Find More FDIC News + Press Releases + Financial Institution Letters + Conferences & Events + Board Matters + Natural Disasters + Speeches & Testimony + Podcasts + Videos + Opinion Editorials + Policy Fact Sheets FDIC Named Receiver for Silicon Valley Bank Resolution / March 10, 2023 FDIC Named Receiver for Silicon Valley Bank Financial Empowerment and Inclusion Consumer News / March 3, 2023 Financial Empowerment and Inclusion FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Fourth Quarter 2022 Press Release / February 28, 2023 FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Fourth Quarter 2022 Agencies Issue Joint Statement on Liquidity Risks Resulting from Crypto-Asset Market Vulnerabilities Press Release / February 23, 2023 Agencies Issue Joint Statement on Liquidity Risks Resulting from Crypto-Asset Market Vulnerabilities * Search Search FDIC.gov [Search FDIC.gov ] Search Advanced Search How Can We Help You? [I am a... ] Select the information you wish to explore based on who you are [I want to...] Get Started Search FDIC.gov [Search FDIC.gov ] Search Advanced Search How Can We Help You? [I am a... ] Select the information you wish to explore based on who you are [I want to...] Get Started 1. Home Press Release FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California Friday, March 10, 2023 Share This: [icon-print] Contacts: Customer Contact: 1-866-799-0959 Web site Media Contact: mediarequests@fdic.gov FDIC Seal Graphic About the FDIC: The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system. The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships. Learn More For Immediate Release WASHINGTON - Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. 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. All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors. Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank's normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank's official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds. As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers. Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-866-799-0959. The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition. Loan customers should continue to make their payments as usual. Silicon Valley Bank is the first FDIC-insured institution to fail this year. The last FDIC-insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020. FDIC: PR-16-2023 Return to top Contact the FDIC Contact Us Stay Informed Enter your email address [ ] Get Started How Can We Help You? Define "I am a . . . 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