Loading ...Update 12:00pm ET: Silicon Valley Bank has been shuttered by California regulators, who have appointed a receiver (more here).
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
This will hardly boost depositor confidence in other small banks and, by extension, big ones.