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Prompted by the collapse of Silicon Valley Bank (SVB) on March 10, 2023, depositor fear has spread to thousands of other regional and community banks across the nation.
SVB has been placed in receivership by banking regulators. This receivership applies to Silicon Valley Bank and not its affiliates. When a bank is in receivership.
On March 10, 2023, the FDIC announced that it had been appointed the receiver of Silicon Valley Bank following the closure of SVB by California Department of Financial Protection and Innovation and commencement of a receivership over SVB.
On March 10, 2023, the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB). Upon closure, the DFPI appointed the Federal Deposit.