Bank Failure
Silicon Valley Bank
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Closed March 10, 2023 · Santa Clara, CA · FDIC Cert #24735.
- Closing date
- March 10, 2023
- Headquarters
- Santa Clara, CA
- FDIC Certificate
- 24735
- Total assets at closing
- $209.03B
- Total deposits at closing
- $175.38B
- Estimated loss to the insurance fund
- $18.74B
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First-Citizens Bank & Trust Company
Context
On March 10, 2023, regulators closed Silicon Valley Bank, headquartered in Santa Clara, CA. At closing, the institution held approximately $209.03B in assets and $175.38B in deposits. The FDIC first ran the bank as Silicon Valley Bridge Bank, N.A., from March 13, 2023. First-Citizens Bank & Trust Company bought the bridge bank's deposits and loans from the FDIC under an agreement announced March 26, 2023. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $18.74B.
By assets at closing this is the 3rd largest of the 3,526 bank failures in the FDIC record, and the 2nd of 5 in 2023. It falls in the period the record labels Regional Banking Stress (2023-present), a period with 15 failures peaking at 6 in 2026.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Silicon Valley Bank fail?
Silicon Valley Bank was closed by regulators on March 10, 2023.
Who acquired Silicon Valley Bank?
The FDIC first ran the bank as Silicon Valley Bridge Bank, N.A., from March 13, 2023. First-Citizens Bank & Trust Company bought the bridge bank's deposits and loans from the FDIC under an agreement announced March 26, 2023.
How big was Silicon Valley Bank when it failed?
Silicon Valley Bank had approximately $209.03B in total assets and $175.38B in deposits at the time of failure.
Other failures in 2023
| Date | Bank | Assets |
|---|---|---|
| Nov 3, 2023 | Citizens Bank | $60.4M |
| Jul 28, 2023 | Heartland Tri-State Bank | $139.4M |
| May 1, 2023 | First Republic Bank | $212.64B |
| Mar 12, 2023 | Signature Bank | $110.36B |
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