A Big Tech Industry Bank Is Shuttered By The FDIC


Silicon Valley Bank, the financial institution owned by SVB Financial Group, which recently bought influential Wall Street advisory firm MoffettNathanson, was closed on Friday by the California Department of Financial Protection and Innovation.

It appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

That’s the financial institution where MobiTV, prior to its May 2021 sale to TiVo Corporation, had just $42,000 in cash across nine bank accounts on March 1, 2021, the date it sought Chapter 11 bankruptcy reorganization.

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