RE:Silicon Valley Bank The FDIC said it created a new institution, the Deposit Insurance National Bank of Santa Clara (DINB), and that it had immediately transferred all insured deposits at Silicon Valley Bank to the new bank. All insured depositors will have access to their insured deposits by Monday morning, March 13, the FDIC said in a statement.
Meanwhile, uninsured depositors will receive "an advance dividend within the next week," as well as a receivership certificate for the remaining amount of their uninsured funds.
The main office and its 17 branches will reopen for business on March 13, the FDIC said. "Banking activities will resume no later than Monday, March 13, including on-line banking and other services," the agency said. "Silicon Valley Bank's official checks will continue to clear."