Federal regulators announced over the weekend that they will fully back all depositors of Silicon Valley Bank, guaranteeing that they are paid back in full after the bank collapsed last week.
The announcement late Sunday afternoon came from Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg.
The federal agencies also revealed that a second bank was closed in New York on Sunday by state officials.
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“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” the statement said. “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”
SVB announced a
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