California regulators took possession of Silicon Valley Bank on Friday and appointed the Federal Deposit Insurance Corporation as receiver. The state regulator cited insufficient liquidity and insolvency in its March 10 announcement.
The Santa Clara bank had about $209 billion in assets and $175.4 billion in deposits at December 31, 2022, according to the regulator.
The disruption reaches into technology companies’ everyday finances. In its 2022 annual report, filed February 24, SVB Financial Group said the bank and its subsidiaries primarily served technology, life-sciences and healthcare businesses, alongside private-equity and venture-capital clients. Its services included loans, deposits and payments.
The regulator says deposits are federally insured subject to applicable limits.
Photo: Coolcaesar, “3003 Tasman Drive” (4 September 2022). CC BY-SA 4.0. Resized; responsive crops by Sulat, also CC BY-SA 4.0.
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