Silicoin Valley BankAfter the closure of (SVB), problems with deposits continue to be experienced.
After regulators closed Silicon Valley Bank (SBV), they realized that some deposits were uninsured. However, regulators are now looking to replace uninsured deposits.
Regulators May Go To Sell Assets For SVB’s Uninsured Deposits
It turned out that some of the deposits of SVB, the largest bank to fail in the last decade in the USA, were uninsured. However, regulators have rolled up their sleeves to do something about it.
Silicon Valley Bank customers could receive between 30 percent and 50 percent on uninsured deposits Monday, as regulators rush to sell SVB’s assets.
Regulators are rushing to sell the assets of the failed Silicon Valley Bank this weekend, Bloomberg reports. The main goal is to make 30 to 50 percent of their accounts available to these depositors on Monday.
Regulators shut down the SVB on Friday after a bank robbery, and the Federal Deposit Insurance Corporation stepped in as the bank’s buyer. The bank was a popular one among tech companies and startups.
More cash will be available if the FDIC can sell assets by Sunday night before banking resumes Monday morning. Silicon Valley Bank had total assets of approximately $209 billion and total deposits of $175.4 billion as of December 31, 2022.
