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, which now holds all insured
deposits previously held by SVB.
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. However, the full
impact of the receivership's effect on SVB account holders
remains uncertain.
Meanwhile, in the joint statement, the U.S. government
regulators announced a similar systemic risk exception for
Signature Bank, New York, New York (SNYB), which was closed by its
state chartering authority, and relaunched as Signature Bridge
Bank. Though many questions remain, we have
