Bank failure · CA

Silicon Valley Bank (Santa Clara, CA) — failed March 10, 2023

Silicon Valley Bank of Santa Clara, California was closed on March 10, 2023 and resolved through a purchase and assumption. First-Citizens Bank & Trust Company (NC) took over its insured deposits. At failure it held $209.0B in assets and $175.4B in deposits. The FDIC's estimated loss on the failure is $18.7B (9.0% of assets).