This browser is not actively supported anymore. For the best passle experience, we strongly recommend you upgrade your browser.
Asset 3
  • Home Page
  • About
  • People
  • Experience
  • Insights
  • Careers
  • Public Interest
  • Diversity, Equity & Inclusion
Asset 1

Contact us

Asset 2

Locations

  • Contact us
    Contact us
  • Locations
    Locations
  • Search
    Search
  • About
    • Message from the CEO
    • Firm History
    • Pro Bono
    • Women in Business Series
    • Law Firm Network
  • People
  • Experience
    • Practices & Industries
    • Geographies
  • Insights
    • Alerts & Bulletins
    • Articles
    • Briefings
    • Events
    • Firm News
    • Podcasts
    • Press Releases
  • Careers
    • Experienced Lawyers
    • U.S. Law Students
    • London Trainee Program
      • What to Expect
    • Staff & Paralegals
    • Professional Development
  • Public Interest
  • Diversity, Equity & Inclusion
  • Contact Us
  • Location
  • Search
  • About
    • Message from the CEO
    • Firm History
    • Pro Bono
    • Women in Business Series
    • Law Firm Network
  • People
  • Experience
    • Practices & Industries
    • Geographies
  • Insights
    • Alerts & Bulletins
    • Articles
    • Briefings
    • Events
    • Firm News
    • Podcasts
    • Press Releases
  • Careers
    • Experienced Lawyers
    • U.S. Law Students
    • London Trainee Program
      • What to Expect
    • Staff & Paralegals
    • Professional Development
  • Public Interest
  • Diversity, Equity & Inclusion

Search People

Search by last name

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z

see all people

Asset 3
  • twitter
  • facebook
  • youtube
  • rss
  • Contact Us
  • Terms of Use
  • Privacy
  • Sitemap
  • twitter
  • facebook
  • youtube
  • rss

© 2022 Brown Rudnick LLP. Attorney advertising.

All Rights Reserved.

All Posts
print-logo
March 13, 2023 | less than a minute read

SVB Collapse – Closing Your Account

2
37
Avatar
Michael Cohen
Partner
Avatar
Michael Cohen
Partner
featured image
2
37

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.

 

HOW DO I CLOSE MY ACCOUNT? There are four ways to close your account: Create a bill pay or automated payment to another financial institution; Direct a wire transfer to another financial institution; Write a check for your available balance, then deposit that check into an account at another financial institution; or Ask for a “no fee” Cashier's check or Money Order by visiting your local branch during normal business hours. NOTE: Please be sure to leave enough funds in your account to cover any outstanding checks. If you prefer to speak with an FDIC Claims Agent call 1-866-799-0959 to schedule a telephone appointment.
www.fdic.gov/...

Tags

svb failure, emerging growth companies, venture capital, technology, life sciences, emerging growth companies & venture capital, finance, banking crisis
Avatar
Michael Cohen
Partner
Avatar
Michael Cohen
Partner
post featured image
Mar 27, 2023

Former Silicon Valley Bank Acquired by First-Citizens Bank & Trust Company in North Carolina

By Michael Cohen
At breakneck speed, the Federal Deposit Insurance Corporation (FDIC) has concluded a sale of Silicon Valley Bridge Bank, N.A. (formerly...
3
20
12
35

Latest Insights

post featured image
Mar 14, 2023

EPA Proposes PFAS Drinking Water Regulation

By Kyle Johnson
4
10
14
post featured image
Mar 13, 2023

Historic Weekend Ends With Relief for SVB Depositors – Now the Work Begins!

By Michael Cohen Ben Hron
10
32
42
post featured image
Mar 12, 2023

Brown Rudnick Webinar: Silicon Valley Bank Failure: What We Know Now and What to Do

By Julia Bennett Thomas Phillips Michael Cohen Amanda Varella Barbara Klepper Stephen Best Stephen Palley Daniel Healy Camille Vasquez Neil Foster Tim Davison +8 more...

Show less

3
42
45
post featured image
Mar 12, 2023

Navigating the Silicon Valley Bank Failure

By Brown Rudnick