Federal banking regulators said Sunday they would protect all Silicon Valley Bank depositors, including those above the $250,000 deposit insurance limit provided by the Federal Deposit Insurance Corporation.
“Depositors will have access to all of their money starting Monday, March 13,” the FDIC, Federal Reserve and Treasury Department said in a joint statement. “No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
The regulators also said would protect depositors at Signature Bank in New York City. Santa Clara, Calif.-based SVB collapsed on Friday. Signature was closed Sunday by state banking officials.
