Silicon Valley Bank closes and fails

(ANSA) - NEW YORK, MARCH 10 - The California authorities have closed down Silicon Valley Bank.

This was stated by the Federal DepositInsurance Corp, the federal insurance agency on deposits, underlining that SVB is the first bank insured by the Fdic to fail.

The FDIC reports that the institution has about $209.0 billion in assets and $175.4 billion in deposits.

   (HANDLE).