Over the last several days, the Federal Deposit Insurance Corporation, (the FDIC), has provided a lot of (sometimes conflicting) information for depositors of Silicon Valley Bank (SVB).
On Sunday, March 12, the FDIC abandoned plans to reopen SVB as the "Deposit Insurance National Bank of Santa Clara" (DNIB), and instead transferred all assets of SVB, including those previously transferred to DNIB, to Silicon Valley Bank, N.A., a federally chartered "bridge bank" intended to continue (or "bridge") the business of SVB as the FDIC tries to sell the bank. Our sympathies go out to our friends at Bridge Bank, also a venture-oriented bank that is a division of Western Alliance Bank, which is NOT a "bridge bank"....
For SVB depositors looking to close their accounts, the FDIC had previously provided the information that appears below. If you have questions about how to handle accounts at SVB in the United States or the United Kingdom, please contact a member of your Brown Rudnick client team.
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