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[quote=Anonymous][quote=Anonymous]I don’t think you all understand what happened. FDIC took over the bank. All FDIC-insured deposits are guaranteed and FDIC will pay a dividend out against non-insured funds. Branches will open as usual on Monday. For all practical purposes, the bank essentially switched ownership.[/quote] This isn’t a bank for mom and pop. These are startups and VCs, which banked their operating capital at SVB. It was a symbiotic relationship since SVB dabbled in VC as well. But they had balances much bigger than $250k. I thought I read about 90% of funds were not FDIC insured. Now that doesn’t mean it’s loss, but it means assets are frozen until court bankruptcy is processed, and there will be a haircut for what is recovered. [/quote]
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