FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds

The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under the “systemic risk exception” approved by the U.S. Federal Reserve and Treasury Department.

Details on the Creation of Full-Service FDIC-Operated Bridge Banks

Customers who utilized Silicon Valley Bank (SVB) and Signature Bank (SBNY) will have access to their funds on Monday, following the FDIC’s actions to transform both banks into newly created full-service FDIC-operated bridge banks. SVB will now be known as “Silicon Valley Bank N.A.,” while Signature’s new name is “Signature Bridge Bank N.A.” Both bridge banks are chartered national

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