All depositors in Silicon Valley Bank will be made whole and have access to their funds on Monday, federal banking and finance regulators said in a joint statement Sunday.
“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors,” Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, said in a joint press release.
“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the statement read.
This is a developing story.