Officials Try To Reassure Depositors After Closures Of Silicon Valley Bank, Signature Bank

By KIMBERLEY HAAS The administration worked to assure consumers that the banking system was safe on Monday following the sudden collapse of two financial institutions. Officials at the Federal Deposit Insurance Corporation announced on Friday that Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation. It was the biggest bank failure since Washington Mutual in 2008. All insured deposits were transferred to the newly-created Deposit Insurance National Bank of Santa Clara. Silicon Valley Bank had 17 branches in California and Massachusetts. As of December 31, 2022, it held approximately $209 billion in total assets and about $175.4 billion in total deposits, according to officials. On Sunday, FDIC officials announced a similar fate for New York-based…