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.

FDIC stated that all SVB customers would automatically become bridge bank customers. “normal banking hours and activities, including online banking.”

(Reporting by Susan Heavey, Washington; additional reporting by Rishabh Jaiswal, Bengaluru; editing and writing by John Stonestreet; Louise Heavens).