The Treasury Department is monitoring the situation closely, in part to identify and avert any potential ripple effects to other banking systems. theSun theSundaily silliconvalleybank securities economy
WASHINGTON
Yellen said Silicon Valley Bank's shutdown differs from the string of banks that were bailed out during the 2008 economic crisis because of reforms that have been made since. The California Department of Financial Protection closed SVB on Friday, marking the largest bank closing since Washington Mutual in 2008 and the first FDIC-insured bank to close since Almena State Bank in 2020.
Because SVB is insured by the Federal Deposit Insurance Corp, insured customers are expected to receive payments of up to US$250,000 beginning on Monday. CBS's Margaret Brennan said about 85 per cent of its customers are not insured.
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