US Bank in Silicon Valley Shut Down by Authorities

U.S. authorities announced today, Friday, the closure of technology-friendly Silicon Valley Bank after it became insolvent and entrusted the management of deposits to the Federal Deposit Insurance Corporation (FDIC).

The Federal Deposit Insurance Corporation in the US plans to reopen bank branches on Monday and allow customers to withdraw up to $250,000 in the short term, which is the amount the institution would normally guarantee.

Source: AFP.