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The Federal Deposit Insurance Corp. said Monday that it has transferred all deposits, both insured and uninsured, of the former Silicon Valley Bank to a newly created full-service FDIC-operated bridge bank in an action that seeks to protect all depositors of the bank.
The move comes after the regulator closed the bank and its 13 branches on Friday and placed them in receivership in response to a run on the bank that was triggered by concerns about parent SVB Financial Group’s SIVB bond portfolio and the need to raise capital….
