U.S. FDIC Corp transfers SVB deposits to new bridge bank

(Reuters) – The U.S. Federal Deposit Insurance Corporation (FDIC) has transferred all deposits of the Silicon Valley Bank to a newly created bridge bank and all depositors will have access to their money beginning Monday morning, the agency said.

In a statement, the FDIC said all customers of SVB would automatically become customers of the bridge bank, which will hold “normal banking hours and activities, including online banking.”