Silicon Valley Bank and Signature Bank

March 20, 2023

On Friday, March 10, the Federal Deposit Insurance Corporation (FDIC) was appointed receiver for Silicon Valley Bank (SVB).

After initially announcing that it would only transfer the insured deposits of SVB to a newly chartered Deposit Insurance National Bank of Santa Clara, on Monday morning, the FDIC announced it had transferred all deposits and substantially all the assets of SVB to an FDIC-operated full-service bridge bank, Silicon Valley Bank, N.A., confirming that all depositors—insured and uninsured—would have access to all their money on Monday.

On Sunday, March 12, the FDIC was appointed receiver for Signature Bank, and announced that it had transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bridge bank that will be operated by the FDIC.

The FDIC has established webpages providing information about SVB and Signature Bank.

This page collects our latest thinking and updates regarding the developing situation with SVB and related market developments. Clients with questions should reach out to any of their regular contacts at Cleary Gottlieb or any of the partners or counsel listed on our website under Banking and Financial Institutions or Bankruptcy and Restructuring.

Cleary Gottlieb is a trusted resource in the financial sector for clear and up-to-the-minute guidance on the evolving regulatory landscape. Our preeminent banking and bankruptcy and restructuring practices have been intimately involved advising the private sector and governments in times of crisis, including the 2008 financial crisis and in the federal government’s actions to stabilize the economy during the COVID pandemic. We have extensive experience advising banking institutions and their depositors, creditors, and investors through the FDIC resolution process.

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