Sil­i­con Val­ley Bank cus­tomers to have all funds ac­ces­si­ble, US says, eas­ing biotech and tech tur­moil

Sil­i­con Val­ley Bank cus­tomers will have ac­cess to 100% of their de­posit funds start­ing Mon­day, the US Fed­er­al Re­serve Board an­nounced Sun­day evening, po­ten­tial­ly end­ing days of chaos and un­cer­tain­ty for the biotech and tech sec­tors that re­lied heav­i­ly on the failed bank.

“De­pos­i­tors will have ac­cess to all of their mon­ey start­ing Mon­day,” the Fed said in its state­ment. It didn’t pro­vide more de­tails, though there were re­ports from Bloomberg News and oth­ers that the Fed­er­al De­posit In­sur­ance Cor­po­ra­tion was seek­ing a cor­po­rate buy­er for the bank, with fi­nal bids due Sun­day evening.

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