Recent Developments: Silicon Valley Bank and Signature Bank

After depositors rushed to withdraw funds from Silicon Valley Bank (SVB), on Friday, March 10, 2023, the US bank was closed by the California Department of Financial Protection and Innovation (DFPI), and the Federal Deposit Insurance Corporation (FDIC) was named receiver of the closed bank.

Filed under:
USA, Banking, Insolvency & Restructuring, Cooley LLP, Federal Deposit Insurance Corporation (USA), HSBC, Silicon Valley Bank
Authors:
Matthew Bartus , Adam Fleisher , Obrea Poindexter , Michelle L. Rogers , Sean Ruff , Peter Werner
Location:
USA
Firm:
Cooley LLP