Silicon Valley Bank collapse: California governor says he's working with FDIC to 'stabilize' situation
Silicon Valley Bank customers line up outside California location
Silicon Valley Bank customers were seen outside a Menlo Park, California location, Friday, after the Federal Deposit Insurance Corporation seized its assets. (Cointelegraph)
California Gov. Gavin Newsom says he's working with the Federal Deposit Insurance Corporation and the White House after Silicon Valley Bank was shut down by regulators on Friday.
"Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury. Everyone is working with FDIC to stabilize the situation as quickly as possible, to protect jobs, people's livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy," Newsom said on Saturday.
The FDIC said in a press release on Friday that SVP was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as the receiver of insured deposits of the bank.
SVB caters to the venture capital community, with 17 branches in California and Massachusetts.