On March 10, 2023, an acceleration in fund withdrawals left Silicon Valley Bank on the brink of collapse, as the bank was unable to generate sufficient cash to meet depositor demands. The Federal Deposit Insurance Corporation (FDIC), tasked with maintaining financial system stability, took over Silicon Valley Bank to protect depositors. Since the bank was insured by the FDIC, depositors are assured that funds up to $250,000 in different types of accounts are protected.
The FDIC Takes Over Silicon Valley Bank
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On March 10, 2023, the Federal Deposit Insurance Corporation, tasked with protecting the stability of the financial system, took control of Silicon Valley Bank.
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Bankruptcy
Bankruptcy is a severe financial distress for individuals or businesses, potentially leading to asset loss, reputational damage, loss of operational control, and worsening financial conditions.
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