Did the Silicon Valley Bank fail?

The Bank of Silicon Valley went bankrupt and is now taken over by the Federal Deposit Insurance Corporation. The Federal Deposit Insurance Corporation took action to protect the insured depositors of Silicon Valley banks, established deposit insurance and appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver. According to the announcement of the California Department of Financial Protection and Innovation (DFPI), it was announced today to take over the Silicon Valley Bank according to Article 592 of the California Financial Code on the grounds of insufficient liquidity and insolvency. DFPI appointed the Federal Deposit Insurance Corporation as the receiver of Silicon Valley Bank. Silicon Valley Bank is a state chartered commercial bank and a member of the Federal Reserve System in Santa Clara. As of June 65438+February 3, 20221,its total assets are about 209 billion US dollars, and its total deposits are about175.4 billion US dollars. Its deposits are federally insured by the Federal Deposit Insurance Corporation under applicable limits.