Closure of Silicon Valley Bank

Closure of Silicon Valley Bank

The California Department of Financial Protection and Innovation took possession of Silicon Valley Bank on March 10, 2023, and immediately appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The Utah Department of Financial Institutions encourages customers of Silicon Valley Bank to refer to the FDIC press release addressing the receivership, which can be found here: https://www.fdic.gov/news/press-releases/2023/pr23016.html. The FDIC announced that all insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. Additionally, customers with accounts in excess of the $250,000 deposit insurance limit should call the FDIC toll-free at 1-866-799-0959.

Silicon Valley Bank is a California state-chartered bank headquartered in Santa Clara, California. The bank does not have any branches in Utah.

Utah’s banks remain healthy and are well-prepared to serve the banking needs of Utah citizens and businesses. We remind all Utahns that your deposits in banks and credit unions are fully insured up to federal limits.