Read the letter Silicon Valley Bank's new CEO sent to the bank's clients, addressing the bank's collapse and saying it's 'business as usual'
Silicon Valley Bank, N.A. is open and conducting business as usual.
Over the weekend, the FDIC transferred all deposits and substantially all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated 'bridge bank' in an action designed to protect all depositors of Silicon Valley Bank. Depositors have full access to their money and new and existing deposits are protected. You can read more in the press release issued today.All NEW deposits are also protected by the FDIC.
We are conducting business as usual within the US and expect to resume cross-border transactions in the coming days.
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