Federal Reserve, FDIC & U.S. Treasury announce plans to protect Silicon Valley Bank depositors
The joint effort in the creation of this backstop is to make depositors whole and is not a bailout for SVB or its shareholders.
Silicon Valley Bank (SIVB) closed by regulators, insured deposits to be protected by FDIC
As SVB has been closed and its deposits have been taken over, the Federal Deposit Insurance Corp. has announced that insured depositors will have access by Monday.