The FDIC created Silicon Valley Bridge Bank, National Association, following the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation. All of the deposits-both insured and uninsured-and substantially all assets and all Qualified Financial Contracts of Silicon Valley Bank were transferred to the bridge bank. The purpose of establishing Silicon Valley Bridge Bank, National Association, was to allow time for the FDIC to stabilise the failed banking institution.
This story is from the March 28, 2023 edition of The Business Guardian.
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This story is from the March 28, 2023 edition of The Business Guardian.
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