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.
Premium subscription required
Unlock this article along with other benefits by subscribing to one of our paid plans.