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FDIC shuts down Silicon Valley Bank

Just The Facts

• Silicon Valley bank was the 16th largest bank in the USA like two days ago.
• It had well over two hundred billion dollars in assets at the time it was shut down.
• The Federal Deposit Insurance Corporation is seizing those assets and creating a new bank called the Deposit Insurance National Bank of Santa Clara (DINB).
• The FDIC has promised that insured depositors will get their deposits back by March 13, 2023
• SVB is the second largest bank to collapse in U.S. history, beaten only by Lehman Brothers in 2008.

FDIC official press release

Shameless Left-wing Editorializing

FDIC Nationalizes SVB, 16th Largest Investment Bank In America, by willowf

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https://old.reddit.com/r/hackersphere/comments/11oebq5/spheroid_news_20230310_fdic_shuts_down_silicon/

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