California State Treasurer Fiona Ma issued the following statement after the closure of Silicon Valley Bank (SVB):
“Despite recent uncertainty in the banking industry following the closure of Silicon Valley Bank, I want to reassure taxpayers that the State Treasurer’s Office has no exposure to SVB, and all State of California and local government funds managed by my office are safe and secure. I’m pleased to see the swift action taken by President Biden and continued efforts by Governor Newsom’s administration to limit the fallout and to ensure that depositors are made whole. My office will continue to monitor the situation and report on any developments.”
Depositors or anyone affected by Silicon Valley Bank’s closure should contact the Federal Deposit Insurance Corporation (FDIC) at fdic.gov or 866-799-0959. An FDIC-operated bridge bank was created to hold all assets and deposits of SVB following its closure on Friday by the California Department of Financial Protection and Innovation.