Silicon Valley Bank
Status: acquired as of 2023-03-26→ First-Citizens Bank & Trust Company
Also known as: SVB, Silicon Valley Bank, N.A.
Silicon Valley Bank was closed by California regulators and the FDIC on March 10, 2023. The FDIC transferred deposits and assets to a bridge bank, and First-Citizens Bank & Trust Company assumed the bridge bank's deposits and loans on March 26, 2023; Silicon Valley Bank no longer operates as a standalone bank.
Status-Verification Sources
-
Failed Bank Information for Silicon Valley Bank
(fdic.gov)
2023-03-10
Silicon Valley Bank was closed on March 10, 2023; the FDIC transferred deposits and substantially all assets to Silicon Valley Bridge Bank.
-
First-Citizens to Assume All Deposits and Loans of Silicon Valley Bridge Bank
(fdic.gov)
2023-03-26
The FDIC entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank by First-Citizens Bank & Trust Company.