First Residents to Purchase Silicon Valley Financial institution’s Deposits, Loans in $55.5B Settlement With FDIC

In an announcement, the FDIC mentioned that every one depositors of Silicon Valley Bridge Financial institution, the bridge financial institution arrange by the FDIC after SVB’s failure, will routinely develop into depositors of First Residents Financial institution & Belief Firm. All deposits assumed by First Residents Financial institution & Belief Firm will proceed to be insured by the FDIC as much as the insurance coverage restrict.