The Silicon Valley Bank (SVB) has been shut down by regulators, the Federal Deposit Insurance Corporation (FDIC) said on March 10.

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The California Department of Financial Protection and Innovation issued the closure order and named the FDIC as the receiver, with the responsibility of safeguarding insured deposits.

The FDIC in turn has established the Deposit Insurance National Bank of Santa Clara to manage SVB's insured deposits.

1/1 The FDIC today created the Deposit Insurance National Bank of Santa Clara to protect insured depositors of Silicon Valley Bank, which was closed this morning by state bank regulators in California.