U.S. FDIC Corp transfers SVB deposits to new bridge bank

FAN Editor

(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.”

(Reporting by Susan Heavey in Washington; Additional reporting by Rishabh Jaiswal in Bengaluru; editing by John Stonestreet and Louise Heavens)

tagreuters.com2023binary_LYNXMPEJ2C0EK-BASEIMAGE

Free America Network Articles

Leave a Reply

Next Post

Futures pare gains as bank stocks drag on SVB contagion fears

By Amruta Khandekar and Shristi Achar A (Reuters) -U.S. stock index futures pared early gains on Monday as Silicon Valley Bank’s (SVB) collapse hit the banking sector on contagion fears, while bets that the Federal Reserve could pause interest rate hikes in March rose. The sudden shutdown of SVB Financial […]