On March 10, 2023, the California Department of Financial
Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB).
Upon closure, the DFPI appointed the Federal Deposit Insurance
Corporation (FDIC) as receiver. The FDIC created the Deposit
Insurance National Bank of Santa Clara, to which the FDIC
transferred all insured SVB deposits on Friday, March 10, 2023.
Subsequently on March 13, 2023, the FDIC created Silicon Valley
Bank, N.A. (SVB Bridge Bank) and transferred to SVB Bridge Bank all
deposits and substantially all assets and obligations of SVB. All
deposits were accessible to account holders as of March 13,
2023.
In a joint statement released on March 12, 2023, the Department
of the Treasury, FDIC, and Federal Reserve indicated they will make
additional funding available to ensure all SVB deposits, both
insured and uninsured, will be paid in full. The FDIC has indicated
that all contracts entered into with SVB before its failure were
transferred to
