California regulator closes Silicon Valley Bank

A California regulator closed Silicon Valley Bank on Friday and named the United States Federal Deposit Insurance Corporation receiver, according to an agency statement.

The bank’s shares were suspended from trading on Friday after they plunged 66% in pre-open trading.

Silicon Valley Bank is the first FDIC-insured bank to fail since the Almena State Bank bankruptcy in October 2020.

Silicon Valley Bank’s main office and all branches will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, according to the statement.

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