Failed Bank Information for Silicon Valley Bank, Santa Clara, CA

Depositors of Silicon Valley Bridge Bank, N.A., will automatically become depositors of First–Citizens Bank & Trust Company. All deposits, excluding Cede & Co. deposits, assumed by First–Citizens Bank & Trust Company, will continue to be insured by the FDIC up to the insurance limit.

You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.

EDIE — Electronic Deposit Insurance Estimator
Calculate insurance coverage of deposit accounts

Facts for Depositors
General information explaining the role of FDIC

You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change. If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.

If your loan is currently in process or you had a line of credit, contact your loan officer.

If you received notice that the FDIC retained your loan, and you have questions, please visit the FDIC Information and Support Center.

Obtaining a Lien Release
Process on getting a release of lien

Borrower’s Guide to an FDIC Insured Bank Failure
Overview of how FDIC processes loans

Facts for Borrowers
General information explaining the role of FDIC

You may be eligible to file a claim against the FDIC as Receiver.

If you have not been paid for services rendered prior to March 26, 2023, please refer to the Filing Claims section below.

Facts for Creditors
General information explaining the role of FDIC

Contacting First–Citizens Bank & Trust Company
First–Citizens Bank & Trust Company
239 Fayetteville St
Raleigh, NC 27601

First–Citizens Bank & Trust Company (www.firstcitizens.com)

Transaction Documentation
Purchase & Assumption Agreement – PDF
Agreement between FDIC and the acquiring institution

Commercial Shared-Loss Agreement – PDF

Bid Summary
Report on the bids to purchase the failed bank

Bridge Transfer Agreement - PDF

Brokered Accounts
All deposit accounts, excluding the Cede & Co. deposits, have been assumed by First-Citizens Bank & Trust Company. If you are a customer who has a Silicon Valley Bank or Silicon Valley Bridge Bank, N.A., deposit through a broker, you must contact your broker with any questions.

Deposit Broker's Processing Guide

Automatic Payments/Bill Pay/Online Banking
These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by First–Citizens Bank & Trust Company.

ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.

Checks
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s). First–Citizens Bank & Trust Company will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.

Direct Deposit
All direct deposits, for example, social security, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.

Certificates of Deposit (CDs)
Interest on deposits accrued through close of business on March 26, 2023, will be paid at your same rate. Silicon Valley Bridge Bank, N.A. rates will be reviewed by First–Citizens Bank & Trust Company and you will be notified in writing of any changes. You may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement with First–Citizens Bank & Trust Company.

Overdraft Lines of Credit
These lines have been transferred to First–Citizens Bank & Trust Company. Please contact First–Citizens Bank & Trust Company if you have additional questions regarding your accounts.

Safe Deposit Boxes
You will have access to your safe deposit boxes; however, you should call your branch to arrange an appointment. Any changes will be communicated by First–Citizens Bank & Trust Company.

Tax Reporting — 1098 and/or 1099
Silicon Valley Bridge Bank, N.A. or First–Citizens Bank & Trust Company will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.

Creditors
If you or your company provided a service or product, leased space, furniture, or equipment to Silicon Valley Bank prior to March 10, 2023, and have not been paid, you may have a claim against Silicon Valley Bank.

If you or your company provided a service or product, leased space, furniture, or equipment to Silicon Valley Bridge Bank, N.A. between March 10, 2023, and March 26, 2023, and have not been paid, you may have a claim against Silicon Valley Bridge Bank, N.A.

Any party/claimant who wishes to submit a receivership claim for #10539, Silicon Valley Bank, or #10542, Silicon Valley Bridge Bank, N.A., may do so either electronically or by mail. To avoid delays, however, you are encouraged to utilize the Non-Deposit FDIC Claims Portal or email nondepclaimsdal@fdic.gov.

Please note: There are time limits for filing a claim. Your claim must be filed on or before 07/10/2023 (the "Claims Bar Date").

Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).

NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.

Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

1. Depositors
2. General Unsecured Creditors
3. Subordinated Debt
4. Stockholders