Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors.
The Federal Deposit Insurance Corp. kicked off an auction process late Saturday for Silicon Valley Bank, with final bids due by Sunday afternoon, according to people familiar with the matter.
Washington — Treasury Secretary Janet Yellen said Sunday that the federal government will not provide a bailout for Silicon Valley Bank's investors after the bank was abruptly shuttered, but said financial regulators are "concerned" about the impact.
The investor called on Congress to act more decisively to save SVB after it was taken over by regulators on Friday.
Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.