The news: Silicon Valley Bank became the largest US bank to fail since the 2008 crisis when California’s Department of Financial Protection and Innovation shut it down on Friday and placed it under the control of the Federal Deposit Insurance Corporation.
The FDIC created a new bank, the National Bank of Santa Clara, to hold the deposits and other assets of the failed SVB. In a news release, the agency said that the new entity would be operating by the morning of March 13th, and that checks issued by the old bank would continue to clear.
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