Largest Bank Failure (SVB) Since The Great Recession

HAS THE BANKING COLLAPSE JUST BEGUN? Economist Sounds Off On SVB Collapse: ‘We’re On The Brink Of A 2008-Style Financial Crisis! NOW IS THE TIME TO STAND. YOU LIVE ON YOUR FEET AND DIE ON YOUR KNEES. THIS IS NOT JUST POLITICS

BANK RUNS ARE ABOUT BRINGING IN CBDC. GLOBAL RESET OF THE FINANCIAL SYSTEM AND THE HEALTH SYSTEM

*FDIC: SVB BANK CLOSED BY CALIFORNIA REGULATOR
*FDIC: SVB BANK IS THE FIRST INSURED INSTITUTION TO FAIL THIS YEAR
*FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA
*FDIC: NAMED FEDERAL DEPOSIT INSURANCE FDIC AS RECEIVER
*FDIC CREATES A DEPOSIT INSURANCE NATIONAL BANK OF SANTA CLARA
*SILICON VALLEY BANK INSURED DEPOSITORS TO HAVE ACCESS MONDAY
As we noted before, while the FDIC noted that SVIB had $175BN in deposits as of Dec 31, note that some $151.5BN of these are uninsured, which means they get exactly zero although a sizable number of them likely pulled their deposits in the past few days.

Full FDIC statement below:

Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

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.

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