Silicon Valley Bank’s Deposit Transfer Completed ── Depositors Can Withdraw | coindesk JAPAN | Coindesk Japan

The Federal Deposit Insurance Corporation (FDIC) has confirmed a successful transfer of deposits to Bridge Bank, giving Silicon Valley Bank depositors full access to their funds beginning the morning of March 13. announced that it would

The new bridge bank, called “Silicon Valley Bank NA,” operated by the FDIC, will have normal business hours, an automatic switch for customers, the regulator said in a statement.

The FDIC says “all depositors will be bailed out.” “Taxpayers will not bear the losses associated with the failure of Silicon Valley Bank.”

The transfer of deposits and other assets was approved by banking regulators on Thursday, using provisions to protect the financial system after the FDIC was appointed receiver of the failed bank on Thursday.

The FDIC also named Tim Mayopoulos as CEO of Silicon Valley Bank, NA. Mayopoulos is the former president of Blend Labs and former CEO of the Federal Home Mortgage Corporation.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Silicon Valley Bank Clients Can Fully Access Funds After FDIC Creates New Bridge Bank