Silicon Valley Bank customers have spent three tense days wondering if millions of dollars they entrusted to the now-failed bank were lost. They got their answer Sunday night: All their funds – even amounts not insured by the Federal Deposit Insurance ...
“Depositors will have access to all of their money starting Monday, March 13,” the Treasury Department and FDIC said in a joint. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
With Friday’s Fed takeover, the tech startups that didn’t move their money out fast enough raised alarms that they would be unable to make payroll, and panic was building in Silicon Valley.The FDIC first tried to arrange a sale of the bank, and requested bids from potential buyers.
SVB shareholders and certain unsecured debt holders won’t be protected under the agreement, according to the statement. “Building a culture of government intervention does nothing to stop future institutions from relying on the government to swoop in after taking excessive risks,” Scott said, adding there needs to be accountability from the banks and regulators. “We deserve to know what exactly happened and why.”
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