SILICON VALLEY BANK AND SIGNATURE BANK: WHERE THINGS STAND AND WHAT TO KNOW
March 13th, 2023 - Posted in Client Alert by Dain de Souza and Hunter Grasso
On Friday, March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. The FDIC has since announced that it has transferred all deposits and substantially all of SVB’s assets to a bridge bank. Citing a need “to protect depositors,” a second bank, Signature Bank, was closed by New York regulators on Sunday, March 12, 2023. The FDIC was appointed receiver and transferred all deposits and substantially all of Signature Bank’s assets to Signature Bridge Bank, N.A. The broader ramifications on the banking sector and other industries remain to be seen. (more…)
