- The FDIC transferred all deposits of Silicon Valley Bank (SVB) to a newly created bridge bank, with all depositors having access to their money from Monday.
- The FDIC tapped former Fannie Mae head Tim Mayopoulos as the CEO of the bridge bank, named Silicon Valley Bank N.A.
- The FDIC said that no bank losses will fall on U.S. taxpayers.
U.S. FDIC shifts SVB deposits to new bridge bank, names CEO
The U.S. Federal Deposit Insurance Corporation has transferred all deposits of Silicon Valley Bank to a newly created bridge bank and all depositors will have access to their money beginning Monday morning, the financial regulator said.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/77G63ID4WJMSDNTJPAJOL4K2FY.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/RCWZE2OK3BNCJNRVFOS74NYF7M.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/6W5WJY7T4NLKVFJO5JX37LPYS4.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/BYL7ESQPMFMSNNVJSVCYKYTPH4.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/OGBROYPEZVMVNLCKMBDIE2XJCE.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/JG3AL7UAGVPBJHJUNQS4YZL4SE.jpg)
/cloudfront-us-east-2.images.arcpublishing.com/reuters/77G63ID4WJMSDNTJPAJOL4K2FY.jpg&description=U.S.%20FDIC%20shifts%20SVB%20deposits%20to%20new%20bridge%20bank%2C%20names%20CEO){kind=link}