Silicon Valley Bank assets seized by FDIC

Silicon Valley Bank assets seized by FDIC, big financial failure since the 2008

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Most of the technology workers and venture capital-backed companies – began withdrawing their money as anxiety about the bank's Silicon Valley Bank's current situation.

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Due to a very big financial failure since the 2008 global financial crisis, the U.S. FDIC rushed to seize the assets of Silicon Valley Bank on Friday.

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According to a California regulatory filing, customers withdrew a staggering $42 billion of deposits by the end of 9 March 2023, Thursday.

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The FDIC (Federal Deposit Insurance Corporation) did not wait until the close of business to seize the bank and announced it was shuttering the bank.

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Later the FDIC said in a statement that the silicon Valley Bank had $209 billion in assets and $175.4 billion in deposits at the time of failure.

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How fast depositors had cashed out their money from SVB would be a reason for FDIC that they could not immediately find a buyer for the bank's assets.

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Another news that comes out after this incident is that Greg Becker,

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The chief executive officer of failed Silicon Valley Bank, is no longer on the board of directors at the (FED) Federal Reserve Bank of San Francisco.

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