Insiders told a business news network that the Santa Clara-based bank has historically paid employee bonuses on the second Friday of March.

The FDIC move came less than two hours after a decision by tech funding giant SV Financial Group, parent company of Silicon Valley Bank, to halt trading shortly after markets opened this morning on NASDAQ – after its stock collapsed in 24 hours from $176.55 to $39.25 per share – sent shock waves across financial markets worldwide.

Mounir Gad of Los Gatos sent a federal judge fake reference letters in hopes of getting a lenient sentence in a securities fraud case.

San Jose and Santa Clara County join a growing movement to wean local governments off Wall Street by creating publicly owned banks.