Wondering what the hell just happened at SVB? Here's everything you need to know
As part of the closure, Federal Deposit Insurance Corporation, the agency that helps insure customers' bank funds, has now taken control of SVB.
The agency is prioritizing returning insured deposits within days, and devising ways to offer recoveries for customers with uninsured deposits, it said in a statement on Friday. SVB's now historic collapse puts it second only to the fall of Washington Mutual during the 2008 subprime mortgage crisis, according to data from the FDIC.
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