Advice: The closing of Silicon Valley Bank may have you wondering about FDIC protection. Here’s what you need to know.
On Friday, a run on deposits led to the closure of Silicon Valley Bank, making it the second-largest bank failure in U.S. history. The bank was shut down by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver.
Silicon Valley Bank, lender to some of the biggest names in the tech industry, collapsed on March 10. Regulators moved quickly to avert a meltdown.
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