On March 10, 2023, Silicon Valley Bank was seized by the California Department of Financial Protection and Innovation (DFPI). The bank had been struggling with financial problems for several months, and the DFPI determined that it was no longer able to meet its financial obligations. The FDIC was appointed as receiver for the bank, and all of its deposits were insured by the FDIC. The bank's branches reopened on March 13, 2023, under the name of the Deposit Insurance National Bank of Santa Clara.