SVB Flash Briefing: Staying Ahead of the Recent Silicon Valley Bank Developments
In rapid response to the Silicon Valley Bank situation, we hosted an SVB flash briefing webinar to share the information we learned and gathered since the onset. Click here to watch the recording.

FOLEY HOAG ALERTS

SVB Closure: Public Company Disclosure Considerations
March 15, 2023

FDIC Creates Silicon Valley Bridge Bank, N.A. and Issues Updated FAQs
March 14, 2023

Dept of Treasury, Federal Reserve and FDIC Issue Joint Statement
March 12, 2023

Silicon Valley Bank: Preparing for Monday
March 12, 2023

Silicon Valley Bank: Recent Developments
March 10, 2023

OTHER TIMELY FOLEY HOAG CONTENT

Minimizing Risk and Liability from Man-In-The-Middle Attacks (Or, How To Keep Your Company’s Wire Transfers from Going Awry)
March 13, 2023
Given the recent failures of Signature Bank and Silicon Valley Bank, we know clients are looking to set up new banking relationships and moving money around, especially by wire transfers. It will not come as a surprise that bad guys see this as an opportunity to prey on folks who are trying to access funds needed to make payroll or other basic business expenses. This is just what the criminal “man in the middle” attacker wants – a time when businesses have let down their guard and hackers can induce fraudulent wire transfer. We addresses these issues back in 2019, but the advice is just as relevant now.

First Citizens FAQ for SVB Customers
March 27, 2023
First Citizens Bank has entered into whole bank purchase of Silicon Valley Bridge Bank, N.A. on March 27, 2023. The bank has posted an FAQ for SVB customers to help during the transition.

FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, California
March 13, 2023
Depositors will have full access to their money beginning this morning, when Silicon Valley Bank, N.A., the bridge bank, opens and resumes normal banking hours and activities, including online banking.  Depositors and borrowers will automatically become customers of Silicon Valley Bank, N.A. and will have customer service and access to their funds by ATM, debit cards, and writing checks in the same manner as before.  Silicon Valley Bank’s official checks will continue to clear.  Loan customers should continue making loan payments as usual.

Joint Statement by the Department of the Treasury, Federal Reserve and FDIC
March 12, 2023 - 6:15 PM ET
"Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth."

FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY
March 12, 2023
To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.

Updates/FAQ from the FDIC 
as of March 12, 2023