Share this article
Silicon Valley Bank Customers Can Fully Access Funds After FDIC Creates New Bridge Bank
Loans and other services will resume on normal schedule Monday following a switch to a new bridge bank, the regulator said
Updated Mar 13, 2023, 6:14 p.m. Published Mar 13, 2023, 10:33 a.m.
Depositors of Silicon Valley Bank will have full access to their money beginning Monday morning, the Federal Deposit Insurance Corp. said, after confirming a successful transfer of deposits to a new bridge bank.
The new bridge bank, called Silicon Valley Bank N.A., will be operated by the FDIC. It will have normal opening hours, and customers have been automatically switched, the regulator said in a statement on Monday.
STORY CONTINUES BELOW
“All depositors of the institution will be made whole,” the FDIC said. “No losses associated with the resolution of Silicon Valley Bank will be borne by taxpayers.”
The transfers were approved by banking regulators on Sunday, using provisions designed to protect the financial system from contagion, after the FDIC was appointed receiver of the failed bank on Friday.
The FDIC named former Fannie Mae CEO Tim Mayopoulos as CEO of the bridge bank.
Read more: Silicon Valley Bank Depositors Will Have Access to 'All' Funds Monday, Say Federal Regulators
UPDATE (Mar. 13, 10:40 UTC): Adds additional details.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Argentina’s Central Bank to Allow Banks to Provide Crypto Services in 2026
Argentina’s central bank is reportedly drafting new rules to allow banks to offer customers digital asset-related services as early as April 2026.
What to know:
- The Central Bank of Argentina is considering lifting the ban on banks offering cryptocurrency services, potentially implementing new rules by April 2026.
- Argentina's shift towards a crypto-friendly policy follows the election of Javier Milei and aims to boost adoption amid economic challenges.
- Argentina is a leading country in cryptocurrency adoption, with a significant portion of transactions involving stablecoins to hedge against inflation.
Top Stories
