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To clarify: The new bank "Deposit Insurance National Bank of Santa Clara" (DINB) received "all _insured_ deposits of Silicon Valley Bank", and is intended to o

• mixdup 4y ago
  Fair, I should've clarified that DINB does not have every penny that SIVB had. However, the point still stands: The tellers at the window on Monday will be working for DINB (which is owned by the FDIC) not SIVB Even beyond that point, though, the FDIC now owns Silicon Valley Bank so even everyone else who worked for the bank that didn't transfer to DINB still now works for the FDIC (as long as they're still employed--which is probably a rapidly shrinking amount of time) https://www.sec.gov/ix?doc=/Archives/edgar/data/719739/000119312523067777/d450664d8k.htm https://www.sec.gov/ix?doc=/Archives/edgar/data/719739/00011... >On March 10, 2023, SVB Financial Group’s (the “Company”) wholly owned subsidiary, Silicon Valley Bank (the “Bank”) was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation was appointed as receiver. The Company is no longer the parent company of the Bank. Even if someone remains on the payroll of Silicon Valley Bank, they are an employee of the FDIC since it now owns Silicon Valley Bank SIVB did have a holding company, so not every single employee of the company moved to the FDIC. Those at the holding company, not the actual bank, most certainly didn't transfer to the FDIC