Silicon Valley Bank lacked deposit insurance in 85 percent of cases

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Customers are seeking to find out what this means for the funds they had in their accounts. Last week, Silicon Valley Bank became the second largest bank failure in American history and new reports have revealed that over 85 percent of its deposits were without deposit insurance. The FDIC has been tasked with returning money to the bank’s customers where applicable. The Federal Deposit Insurance Corporation has taken over about $175 billion in customer accounts and will be returning money to customers where it can. That said, over 85 percent…

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Insurance news from TD Bank shows that USI will acquire U.S. subsidiary

insurance industry report

The brokerage and financial service firm has announced some of the details of the agreement. The latest insurance news from the financial service and brokerage firm, USI Insurance Services, from Briarcliff Manor, New York, is that it has entered into an agreement with TD Bank, N.A., in order to purchase the latter’s wholly owned TD Insurance Inc. U.S. subsidiary. As of yet, the deal’s specific terms have yet to be released. According to USI, the company anticipates that this new acquisition will bring in an additional $58.2 million in revenues…

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