On Friday, March 10, 2023, Silicon Valley Bank, Santa Clara, CA was closed by the California Department of Financial Protection & Innovation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Silicon Valley Bank to Silicon Valley Bridge Bank, National Association (N.A.), a full-service bank that was operated by the FDIC.
On March 26, 2023, the FDIC entered into a purchase and assumption agreement for all deposits, excluding Cede & Co. deposits, and loans of Silicon Valley Bridge Bank, N.A., by First–Citizens Bank & Trust Company, Raleigh, NC. As part of this transaction Silicon Valley Bridge Bank, N.A., was placed into receivership.
If You Had a Deposit Account
Depositors of Silicon Valley Bridge Bank, N.A., will automatically become depositors of First–Citizens Bank & Trust Company. All deposits, excluding Cede & Co. deposits, assumed by First–Citizens Bank & Trust Company, will continue to be insured by the FDIC up to the insurance limit.
You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
EDIE — Electronic Deposit Insurance Estimator
Calculate insurance coverage of deposit accounts
Facts for Depositors
General information explaining the role of FDIC
If You Had a Loan
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change. If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.
If your loan is currently in process or you had a line of credit, contact your loan officer.
If you received notice that the FDIC retained your loan, and you have questions, please send an email to FDIC_Loans@fdic.gov, or visit the FDIC Information and Support Center.
Obtaining a Lien Release
Process on getting a release of lien
Borrower's Guide to an FDIC Insured Bank Failure
Overview of how FDIC processes loans
Facts for Borrowers
General information explaining the role of FDIC
If You Are Owed Money for a Service or Product Provided
You may be eligible to file a claim against the FDIC as Receiver.
If you have not been paid for services rendered prior to March 26, 2023, please refer to the Filing Claims section below.
Facts for Creditors
General information explaining the role of FDIC
Beware of Scams
If you are concerned about becoming a victim of fraud, be advised that you will not receive any communication from the FDIC requesting any private information. Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating they are acting on behalf of Silicon Valley Bank, Silicon Valley Bridge Bank, N.A., or the FDIC. The FDIC, however, will encourage you to correspond with us via the Failed Bank Customer Service Center, a secure web portal.
About First–Citizens Bank & Trust Company
The 17 former branches of Silicon Valley Bridge Bank, N.A. will operate under First–Citizens Bank & Trust Company, on March 27, 2023. The branches will open during their normal business hours. Customers of Silicon Valley Bridge Bank, N.A., should continue to use their current branch until they receive notice from the assuming institution that full-service banking is available at branches of First–Citizens Bank & Trust Company.
All transferred deposits will be separately insured from any accounts you may already have at First–Citizens Bank & Trust Company for at least six months after the failure of Silicon Valley Bank. Checks that were drawn on Silicon Valley Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.
First–Citizens Bank & Trust Company, will review deposit rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with First–Citizens Bank & Trust Company as long as the deposits are not pledged as collateral for loans.
Contacting First–Citizens Bank & Trust Company
First–Citizens Bank & Trust Company
239 Fayetteville St
Raleigh, NC 27601
First–Citizens Bank & Trust Company (www.firstcitizens.com)
Transaction Documentation
Purchase & Assumption Agreement
Agreement between FDIC and the acquiring institution
Commercial Shared-Loss Agreement
Bid Summary
Report on the bids to purchase the failed bank
Brokered Accounts
All deposit accounts, excluding the Cede & Co. deposits, have been assumed by First-Citizens Bank & Trust Company. If you are a customer who has a Silicon Valley Bank or Silicon Valley Bridge Bank, N.A., deposit through a broker, you must contact your broker with any questions.
Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by First–Citizens Bank & Trust Company.
ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.
Checks
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). First–Citizens Bank & Trust Company will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.
Direct Deposit
All direct deposits, for example, social security, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.
Certificates of Deposit (CDs)
Interest on deposits accrued through close of business on March 26, 2023, will be paid at your same rate. Silicon Valley Bridge Bank, N.A. rates will be reviewed by First–Citizens Bank & Trust Company and you will be notified in writing of any changes. You may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement with First–Citizens Bank & Trust Company.
Overdraft Lines of Credit
These lines have been transferred to First–Citizens Bank & Trust Company. Please contact First–Citizens Bank & Trust Company if you have additional questions regarding your accounts.
Safe Deposit Boxes
You will have access to your safe deposit boxes; however, you should call your branch to arrange an appointment. Any changes will be communicated by First–Citizens Bank & Trust Company.
Tax Reporting — 1098 and/or 1099
Silicon Valley Bridge Bank, N.A. or First–Citizens Bank & Trust Company will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
Creditors
If you or your company provided a service or product, leased space, furniture, or equipment to Silicon Valley Bank prior to March 10, 2023, and have not been paid, you may have a claim against Silicon Valley Bank.
If you or your company provided a service or product, leased space, furniture, or equipment to Silicon Valley Bridge Bank, N.A. between March 10, 2023, and March 26, 2023, and have not been paid, you may have a claim against Silicon Valley Bridge Bank, N.A.
Any party/claimant who wishes to submit a receivership claim for #10539, Silicon Valley Bank, or #10542, Silicon Valley Bridge Bank, N.A., may do so either electronically or by mail. To avoid delays, however, you are encouraged to utilize the Failed Bank Customer Service Center or email nondepclaimsdal@fdic.gov.
Online:
Failed Bank Customer Service Center
Email:
Mail:
FDIC as Receiver for Silicon Valley Bank
Attention: Claims Agent 10539
600 North Pearl Street
Suite 700
Dallas, TX 75201
FDIC as Receiver for Silicon Valley Bridge Bank, N.A.
Attention: Claims Agent 10542
600 North Pearl Street
Suite 700
Dallas, TX 75201
Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
Shareholders
All shares of Silicon Valley Bank are owned by its holding company, SVB Financial Group, New York, NY. The holding company was not included in the closing of the bank or resulting Receivership.
Contacting the Holding Company
If you are a shareholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly:
SVB Financial Group
387 Park Avenue South
New York, NY 10016
Contact Information
Questions About This Closing
Contact the FDIC Customer Service Department at:
1-888-206-4662
Hours of Operation — Central Time
Monday – Friday: 8:00 AM – 4:00 PM