Silicon Valley Bank shut down; FDIC creates new bank to protect insured depositors

announced that it will be setting up the Deposit Insurance National Bank of Santa Clara, to help protect depositors whose accounts are insured.

All of the insured deposits of Silicon Valley Bank will be transferred into the new bank with customers able to get their money no later than Monday morning from all 17 branches and the main office of Silicon Valley Bank during normal business hours, theThe FDIC’s standard insurance has a set limit: $250,000 per customer, per bank for each type of account category.

Silicon Valley Bank had about $209 billion in assets and $175.4 billion in deposits as of the end of last year, the

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