Silicon Valley Bank shut down by regulatorsMarch 10, 2023 at 12:15 PM EST
The FDIC took control of Silicon Valley Bank on Friday in order to secure depositors, after a run on the bank led California regulators to shut it down.
The Federal Deposit Insurance Corporation says it has seized control of Silicon Valley Bank, 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 by the California Department of Financial Protection and Innovation on Friday, and confirmed it is now the receiver of all insured deposits of the bank. This is a developing story that will be updated. 
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