Troubled Bank Task Force
On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (“SVB”) and appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver of SVB. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (“DINB”). At the time of closing, the FDIC, as receiver, immediately transferred to the DINB all insured deposits of SVB.
On Sunday, March 12, 2023, the Department of Treasury, Federal Reserve, and FDIC issued a joint statement that Treasury has adopted resolutions to enable the FDIC to proceed with the deposits at SVB to protect its depositors and others. The statement also expressed their intention to deal similarly as to Signature Bank, New York, New York, which was closed on March 12 by its New York regulators, and as to other depository institutions which may encounter similar problems.
GT is monitoring developments as to the two banks already affected and will be seeking to do so as to other potentially troubled institutions. We will be answering clients' questions and advising them with attention to the specific circumstances of their individual situations.
For additional information and assistance, please contact our Troubled Bank Task Force at email@example.com.
Click here for our Troubled Bank Task Force FAQs PDF
The 2023 Banking Crisis: Guidance for Private Investors Seeking to Acquire or Invest in Assets of Failed Insured Depository Institutions
- FDIC: Loan Sales Announcements & FAQs
- FDIC: Signature Bank FAQs
- FDIC: Contractual Obligation Requirements
- FDIC: Auction Procedures: Failing Bank Acquisitions
- FDIC Statement Establishing Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY
- Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC | U.S. Department of the Treasury
- FDIC: Silicon Valley Bank - Santa Clara, California
- Bank of England Statement: Silicon Valley Bank UK | Bank of England