What Happened at SVB
Over the weekend, the Federal Depository Insurance Corporation (FDIC) placed Silicon Valley Bank into receivership. SVB failure created a panic and a large number of depositors demanded their money causing a good old fashioned “run on the bank”.
FDIC Facts for Depositors, Creditors, and Borrowers
In light of the SVB bank failure, the FDIC acted quickly to protect insured depositors. FDIC is working to arrange a sale to a healthy bank, and will be paying depositors. Here’s a list of FDIC FAQs for Depositors, Creditors, and Borrowers