A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below..
Signature Bank, New York, NY, was closed on March 12th by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service.
Signature Bank, New York, NY was closed on March 12, 2023 by New York Department of Financial Services, Federal Deposit Insurance Corporation FDIC was appointed as receiver. This is one of several key developments in the current banking industry.
CA Department of Financial Protection appointed FDIC as receiver for Silicon Valley Bank. SVB is California bank subsidiary of SVB Financial Group, and member of FDIC and FRS. To protect insured depositors, FDIC created DINB and immediately transferred insured SVB deposits.