homebusinessSVB news: Deposits, assets transferred to FDIC operated 'bridge bank'

SVB news: Deposits, assets transferred to FDIC-operated 'bridge bank'

SVB news: Deposits, assets transferred to FDIC-operated 'bridge bank'
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By Anand Singha  Mar 13, 2023 4:46:58 PM IST (Updated)

Depositors and borrowers will automatically become customers of Silicon Valley Bank, N.A., and will have customer service and access to their funds by ATM, debit cards, and writing checks in the same manner as before.

The Federal Deposit Insurance Corporation (FDIC) has taken action to protect depositors of Silicon Valley Bank of Santa Clara, California, by transferring all deposits, both insured and uninsured, and substantially all assets of the bank to a newly created, full-service FDIC-operated ‘bridge bank’ on Monday.

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The move was made after the California Department of Financial Protection and Innovation closed Silicon Valley Bank on Friday, March 10, 2023, and the FDIC was appointed as receiver.
"Depositors will have full access to their money beginning this morning, when Silicon Valley Bank, N.A., the bridge bank, opens and resumes normal banking hours and activities, including online banking," FDIC said in a statement.
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