Silicon Valley Bank appears to be in the midst of the first run on a U.S. bank since 2008. The Federal Deposit Insurance Corporation (FDIC) officially stepped in after the California Department of Financial Protection and Innovation shuttered the bank Friday morning .
In an effort to protect insured depositors the FDIC created a Deposit Insurance National Bank. But this only protects funds up to $250,000 and not all customers. The FDIC also announced:
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