Silicon Valley Bank (video screenshot)
(FOX BUSINESS) – The Federal Deposit Insurance Corporation (FDIC) says it has seized control of Silicon Valley Bank (SVB), confirming the lender was shut down by California regulators amid a run on the bank.
The FDIC said in a press release that SVB was closed on Friday by the California Department of Financial Protection and Innovation, which in turn appointed FDIC as the receiver of all insured deposits of the bank.
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SVB, which caters to the venture capital community, had 17 branches in California and Massachusetts. It was the 16th-largest bank in the U.S., and has been considered a go-to for startups for decades.
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