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FILE PHOTO: A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino/File Photo/File Photo
(Reuters) – The U.S. Federal Deposit Insurance Corporation (FDIC) has transferred all deposits of the Silicon Valley Bank to a newly created bridge bank and all depositors will have access to their money beginning Monday morning, the agency said.
In a statement, the FDIC said all customers of SVB would automatically become customers of the bridge bank, which will hold “normal banking hours and activities, including online banking.”
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