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Investing

FDIC Moves In to Protect Deposits as SBV Closes Its Doors

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By 247patrick Published
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FDIC Moves In to Protect Deposits as SBV Closes Its Doors

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Silicon Valley Bank is getting closed by California regulators.

FDIC already moved in to set up Deposit Insurance National Bank of Santa Clara in order to protect insured deposits.

According to FDIC, insured depositors will be able to access their deposits on Monday, March 13th, at the latest.

SVB’s share price collapsed 60% in the premarket before a trading halt was imposed earlier today.

SVB is the first FDIC-insured bank to have failed in 2023.

Earlier this week, the crypto-friendly Silvergate bank was forced to close its doors due to mounting hardships stemming from the collapse of FTX.

This article originally appeared on The Tokenist

Contact [email protected] for any questions or corrections.

Disclaimer: Energy Exploration Technologies, Inc. ("EnergyX") has engaged 24/7 Wall St to publish this communication in connection with EnergyX's ongoing Regulation A offering. 24/7 Wall St has been paid in cash and may receive additional compensation. 24/7 Wall St and/or its affiliates do not currently hold securities of EnergyX.

This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX's offering materials. EnergyX's Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.

Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Investments in private placements, and start-up investments in particular, are long-term, illiquid, speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups

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