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.”

(Reporting by Susan Heavey in Washington; Additional reporting by Rishabh Jaiswal in Bengaluru; editing by John Stonestreet and Louise Heavens)