March 13, 2023

REP. CORREA STATEMENT ON CLOSURE OF SILICON VALLEY AND SIGNATURE BANKS

ORANGE COUNTY, CA — Today, following news of regulators closing both Silicon Valley Bank and Signature Bank, Representative Lou Correa (CA-46) released the following statement:

“As news continues to develop surrounding the closure of Silicon Valley Bank and Signature Bank, I want to reassure all who call Orange County home that no priority is more important to me than keeping our financial and economic systems healthy,” said Rep. Correa. “Since learning of these closures, I have been briefed by senior officials at the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), and was relieved to learn that all depositors will be made whole—full stop. I will continue to closely monitor this situation, and do all I can alongside my colleagues to protect the earnings of all our constituents.”

On Sunday, March 12th, 2023, to protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank. All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023.

If you have less than $250,000 in deposits, you do not need to file a claim. Customers with accounts in excess of $250,000 should contact the FDIC toll–free at 1-866-799-0959. For additional information, please visit FDIC’s Frequently Asked Questions page here. 

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