Silicon Valley Bank's assets have been successful transferred, meaning services will operate as normal from Monday, regulator FDICgov has said. Reports jackschickler.
, after confirming a successful transfer of deposits to a new bridge bank.
The new bridge bank called Silicon Valley Bank N.A., which will be operated by the FDIC, will have normal opening hours, and customers have been automatically switched, the regulator said in a statement on Monday. “All depositors of the institution will be made whole,” the FDIC said. “No losses associated with the resolution of Silicon Valley Bank will be borne by taxpayers.”
The transfers were approved by banking regulators on Sunday, using provisions designed to protect the financial system from contagion, after FDIC was appointed receiver of the failing bank on Friday. The FDIC also named Tim Mayopoulos as the CEO of Silicon Valley Bank, N.A. Mayopoulos is the former president of Blend Labs and ex-CEO of the Federal National Mortgage Association.
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