Today the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB), Santa Clara, California, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, which has created the Deposit Insurance National Bank of Santa Clara (DINB) to protect insured depositors. At the time of closing, the FDIC as receiver immediately transferred all insured deposits to the DINB. On a conference call Thursday SVB Financial Group Chief Executive Officer Greg Becker advised clients to “stay calm,” despite numerous icon Venture Capitals recommending clients pull cash from the struggling regional bank. Ava Labs President John Wu said, “This is a classic bank run, and when the bank run starts you don’t want to be the last guy there.” Zerohedge tweeted, “At what time does JPM offer to buy SIVB for $2?”
