Key Questions and Answers for Companies, Founders, Executives and Investors
NOTE: The information contained in the following alert is up-to-date as of March 15, 2023. News and events are evolving, so check the websites for the FDIC and the applicable banks for updates and announcements.
Start-up, emerging, middle market and other companies and their founders, executives, and investors, are facing heightened demands in the wake of recent developments involving Silicon Valley Bank (SVB) and Signature Bank. You can navigate the situation and be well-positioned for continued growth and success by considering the suggestions below.
We banked with Silicon Valley Bank or Signature Bank. How can we get our funds?
- All funds, including those above Federal Deposit Insurance Corporation (FDIC) insurance limits, were transferred to Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., respectively, and depositors have full access to their money beginning March 13, 2023
- You may continue to use the same online banking access, checks and/or ATM/debit cards to access your funds
Please view Nelson Mullins’ Corporate Practice, Emerging Companies Practice, and Financial Services Practice for more information on how we can help.
What are the applicable FDIC insurance limits generally?