Silicon Valley Bank’s former parent company, SVB Financial, the former parent company of Silicon Valley Bank, announced Monday that it is suing the Federal Deposit Insurance Corp.,
SVB Financial is demanding the return of $2 billion that it had deposited at the bank that was seized by the regulator after its collapse.
The FDIC took over Silicon Valley Bank in March, promising that depositors would be able to access all their funds stored at the bank, rather than the standard $250,000 guaranteed by federal deposit insurance.
But SVB Financial, the bankrupt holding company, said that the FDIC has rejected its attempts to collect nearly $2 billion it had deposited at Silicon Valley Bank.
