Monday, 3/13 – SVB (Bank) Closure Impacts Beverly – Winter Storm Arrives Late Tonight – Political Updates

North Shore Sports Night – Airs tonight at 7 p.m.

MIAA Local Sports Weekend Videos (Below)

Weather – National Weather Service – Today, cloudy 40s, rain tonight. A powerful coastal storm will bring several impacts late tonight thru early Wed. Greatest impacts are wet snow weighing on trees & powerlines & damaging wind gusts. Coastal flooding near the Tue PM high tide. Less snow at the coast, much more to the north and west.

Community News Notes – Photos – Sports (Below)

SVB Bank Closure Impacts Beverly

WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed (Friday) by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.

Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear.

Source: FDIC Press release

SVB has a branch on Enon Street in Beverly. On Sunday, a Beverly Police detail, as well as private security was observed at the site.

Sports

St. John’s Prep Basketball – Congratulations to Seniors Liam Buys and Michael O’Brien on being named Catholic Conference All-Stars for the 2022-2023 Season!