SVB Depositors Will Get Their Money, But Signature Bank Also Shut Down
After a chaotic few days, U.S. banking regulators announced late Sunday that depositors at Silicon Valley Bank will be able to access all their funds on Monday morning, helping the bank's tech-heavy clientele avoid financial catastrophe. The bank entered receivership on Friday after trading of its parent company, SVB Financial Group (NASDAQ: SIVB), was halted.
Regulators also announced similar protections for customers of Signature Bank (NASDAQ: SBNY), a $110 billion asset bank that was shut down by the New York Department of Financial Services on Sunday.
Depositors at both Silicon Valley Bank and Signature will be able to access their funds Monday. In a joint statement, the Federal Deposit Insurance Corp. (FDIC), Treasury Department, and Federal Reserve said, "Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system."
Source Fool.com
