Client Alert: Joint Statement on SVB by the Dept. of the Treasury, Federal Reserve, and FDIC
March 13, 2023
On Sunday, March 12, the Treasury Department, the Federal Reserve, and the FDIC issued a joint statement outlining their collective “decisive measures” to protect depositors at Silicon Valley Bank (SVB), bolster confidence in the U.S. banking system, and safeguard the U.S. economy. SVB depositors will have access to their funds beginning today – March 13. Of particular note, the statement ensures that “no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” Similar measures will be taken with Signature Bank of New York, NY.
Read the statement in full here and stay tuned for more updates from Burns & Levinson. While this is great news and means SVB customers’ deposits are protected, our team will continuously monitor this case and assist clients with all questions and concerns. If you have commercial loans with SVB, we are here to assist you in potentially restructuring or re-documenting those loans, or finding alternative capital sources. Please do not hesitate to reach out to us.
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