This page includes resources focused on the fast-moving developments related to the recent closure of Silicon Valley Bank (SVB). SVB was closed by the California Department of Financial Protection & Innovation on March 10, 2023, with the Federal Deposit Insurance Corporation (FDIC) appointed as receiver. Subsequently, on March 12, 2023, Signature Bank of New York, New York, was closed by the New York State Department of Financial Services, with the FDIC appointed as receiver.
We are closely monitoring the situation, reviewing information issued by government agencies and other trusted authorities, and advising our clients about how their businesses may be affected and key legal considerations. Please consult with your Wilson Sonsini contact for guidance on these matters, as even seemingly simple questions could raise complex issues under these circumstances.
First Republic Bank, website, “A Message to First Republic Clients from JPMorgan Chase” (May 1, 2023)
This page includes resources focused on the fast-moving developments related to the recent closure of Silicon Valley Bank (SVB). SVB was closed by the California Department of Financial Protection & Innovation on March 10, 2023, with the Federal Deposit Insurance Corporation (FDIC) appointed as receiver. Subsequently, on March 12, 2023, Signature Bank of New York, New York, was closed by the New York State Department of Financial Services, with the FDIC appointed as receiver.
We are closely monitoring the situation, reviewing information issued by government agencies and other trusted authorities, and advising our clients about how their businesses may be affected and key legal considerations. Please consult with your Wilson Sonsini contact for guidance on these matters, as even seemingly simple questions could raise complex issues under these circumstances.
First Republic Bank, website, “A Message to First Republic Clients from JPMorgan Chase” (May 1, 2023)
SVB Financial Group, press release, SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value (March 17, 2023), which:
FDIC, letter, Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks (March 14, 2023)
Silicon Valley Bridge Bank, N.A., announcement, Details for Counterparties (March 14, 2023), which:
Silicon Valley Bridge Bank, N.A., announcement, Update from the CEO (March 14, 2023), which:
FDIC, press release, FDIC Acts to Protect All Depositors of the Former Silicon Valley Bank, Santa Clara, California (March 13, 2023), which:
HM Treasury (UK), press release, Government and Bank of England Facilitate Sale of Silicon Valley Bank UK (March 13, 2023)
FDIC, Federal Reserve, and Treasury, press release, Joint Statement by Treasury, Federal Reserve, and FDIC (March 12, 2023)
Federal Reserve, press release, Federal Reserve Board Announces it Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors (March 12, 2023)
New York Department of Financial Services, press release, Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank (March 12, 2023)
FDIC, press release, FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY (March 12, 2023)
FDIC, press release, FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California (updated March 12, 2023), which:
SVB Financial Group, press release, SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value (March 17, 2023), which:
FDIC, letter, Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks (March 14, 2023)
Silicon Valley Bridge Bank, N.A., announcement, Details for Counterparties (March 14, 2023), which:
Silicon Valley Bridge Bank, N.A., announcement, Update from the CEO (March 14, 2023), which:
FDIC, press release, FDIC Acts to Protect All Depositors of the Former Silicon Valley Bank, Santa Clara, California (March 13, 2023), which:
HM Treasury (UK), press release, Government and Bank of England Facilitate Sale of Silicon Valley Bank UK (March 13, 2023)
FDIC, Federal Reserve, and Treasury, press release, Joint Statement by Treasury, Federal Reserve, and FDIC (March 12, 2023)
Federal Reserve, press release, Federal Reserve Board Announces it Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors (March 12, 2023)
New York Department of Financial Services, press release, Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank (March 12, 2023)
FDIC, press release, FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY (March 12, 2023)
FDIC, press release, FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California (updated March 12, 2023), which: