By Joseph Anthony, FWD News
7:56 PM EST, March 12, 2023
(FWD) – The U.S. Treasury announced on Sunday that it will back Silicon Valley Bank deposits beyond the federally insured ceiling of $250,000, allowing depositors to access their money starting Monday, March 13. The bank, a favorite of tech startups, was shut down Friday amid a run on deposits, and a buyout was widely seen as the best solution. The Treasury also said that the senior management of SVB will be removed.
A similar guarantee would be implemented, according to the Treasury, for the New York-based Signature Bank.