Regulators are scurrying to sell assets of the failed Silicon Valley Bank this weekend and hope to make between 30% to 50% of uninsured deposits available for withdrawal Monday, Bloomberg reported.
Regulators closed SVB on Friday amid a bank run and the Federal Deposit Insurance Corporation stepped in as the bank’s receiver. The bank is popular among tech companies and start-ups.
More cash could become available if the FDIC is able to sell assets by Sunday night, before banking resumes on Monday morning. Silicon Valley Bank had approximately $209 billion in total assets and $175.4 billion in total deposits as of Dec. 31, 2022. Deposits of up to $250,000 are insured by the FDIC.
Silicon Valley Bank is the largest U.S. bank to fail in over a decade. The collapse sent shockwaves through the tech industry over the weekend. USDC issuer Circle has $3.3 billion of its cash reserves for the stablecoin stuck at Silicon Valley Bank.
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Source: https://www.theblock.co/post/219086/regulators-rush-to-sell-svb-assets-to-make-uninsured-accounts-partly-available-on-monday-bloomberg?utm_source=rss&utm_medium=rss