Officials will unwind both SVB and Signature Bank, ensuring that depositors will have full access to their funds on Monday.
Depositors at both failed SVB and Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears, will have full access to their deposits as part of multiple moves that officials approved over the weekend. Signature had been a popular funding source for cryptocurrency companies.
A joint statement also said there would be no bailouts and no taxpayer costs associated with any of the new plans. Shareholders and some unsecured creditors will not be protected and will lose their investments.CNBC Silicon Valley Bank depositors protected by US government