California regulators have shut down Silicon Valley Bank and put it in the hands of the FDIC

Silicon Valley Bank has been ordered closed by the California Bureau of Financial Protection and Innovation and placed under administration by the U.S. Federal Deposit Insurance Corporation (FDIC), according to Bloomberg. Silicon Valley Bank has about $209 billion in assets and $175.4 billion in deposits, the FDIC said. To protect insured depositors, the FDIC created a new entity, Santa Clara Savings Insurance National Bank, and said insured depositors could enter the bank on Monday, and the bank's main and branch offices would reopen on Monday. Silicon Valley Bank is the first insured institution to fail this year, the FDIC said.