Silicon Valley will live to fight another day—even if Silicon Valley Bank won’t.
On Sunday evening the federal banking regulators announced it would make whole all Silicon Valley Bank depositors—meaning that startups won’t lose the billions that had been at stake when California’s financial regulator shuttered its doors on Friday. Federal regulators said they would also do the same for Signature Bank, the New York-based regional bank regulators closed on Sunday. In a joint statement filed at the same time as the announcement, the Treasury, Federal Deposit Insurance Corporation (FDIC), and Federal Reserve said that depositors will be able to access “all of their money starting Monday, March 13,” and that no losses from SVB “will be borne by the taxpayer.”
