SVB Financial says FDIC has seized almost $2 billion of its deposits: report

The parent company of failed Silicon Valley Bank cannot access about $2 billion in its deposits to the bank because the company’s accounts were frozen by federal regulators, according to a new report late Tuesday.

The Wall Street Journal reported that SVB Financial Group complained in bankruptcy court Tuesday that the Federal Deposit Insurance Corp. had improperly blocked its access to accounts at the bridge bank created after Silicon Valley Bank folded.