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On Friday, March 10, 2023 the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and shortly thereafter, on Sunday, March 12, 2023, the NYDFS closed Signature Bank. Each regulator has appointed the Federal Deposit Insurance Corporation as the receiver. The FDIC has established bridge banks for both institutions, and on Sunday the FDIC announced jointly with the Federal Reserve and the Department of the Treasury that the FDIC will fund all deposits at SVB and Signature Bank, whether insured or uninsured.