Recent turbulence in the financial system and high-profile bank failures have generated dramatic responses from governments domestically and abroad.
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Recent turbulence in the financial system and high-profile bank failures have generated dramatic responses from governments domestically and abroad.
They also have triggered volatility in bank shares and stock markets. Perkins Coie has developed a resource center to assist companies and individuals navigating this evolving and uncertain landscape. Please contact your Perkins Coie lawyer or email PCBankingTaskForce@perkinscoie.com with questions or for assistance.
Recent Updates:
- Investment Company Status Considerations for Cash Positioning in Wake of Bank Failures
- Distressed Bank Update as of March 16, 2023
- Short-Term Cash Management Alternatives Reference Chart
- Distressed Bank Update as of March 12, 2023
- Silicon Valley Bank Update as of March 11, 2023
Important Resources:
- Silicon Valley Bank is Now a Division of First Citizens Bank (Silicon Valley Bank website, March 28, 2023)
- Silicon Valley Bank - Santa Clara, California - Frequently Asked Questions (FDIC FAQs, updated as of March 27, 2023)
- Signature Bridge Bank, N.A. - New York, New York - Frequently Asked Questions (FDIC FAQs, updated as of March 22, 2023)
- Government and Bank of England Facilitate Sale of Silicon Valley Bank UK (The UK’s HM Treasury press release, March 13, 2023)
- Joint Statement by Treasury, Federal Reserve, and FDIC (The Federal Deposit Insurance Corporation (FDIC): Federal Reserve, and U.S. Department of the Treasury joint press release, March 12, 2023)
- Federal Reserve Board Announces it Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors (The Federal Reserve, press release, March 12, 2023)
- Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank (New York Department of Financial Services press release, March 12, 2023)
- FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY (FDIC press release, March 12, 2023)
- FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California (FDIC press release, March 12, 2023)
They also have triggered volatility in bank shares and stock markets. Perkins Coie has developed a resource center to assist companies and individuals navigating this evolving and uncertain landscape. Please contact your Perkins Coie lawyer or email PCBankingTaskForce@perkinscoie.com with questions or for assistance.
Recent Updates:
- Investment Company Status Considerations for Cash Positioning in Wake of Bank Failures
- Distressed Bank Update as of March 16, 2023
- Short-Term Cash Management Alternatives Reference Chart
- Distressed Bank Update as of March 12, 2023
- Silicon Valley Bank Update as of March 11, 2023
Important Resources:
- Silicon Valley Bank is Now a Division of First Citizens Bank (Silicon Valley Bank website, March 28, 2023)
- Silicon Valley Bank - Santa Clara, California - Frequently Asked Questions (FDIC FAQs, updated as of March 27, 2023)
- Signature Bridge Bank, N.A. - New York, New York - Frequently Asked Questions (FDIC FAQs, updated as of March 22, 2023)
- Government and Bank of England Facilitate Sale of Silicon Valley Bank UK (The UK’s HM Treasury press release, March 13, 2023)
- Joint Statement by Treasury, Federal Reserve, and FDIC (The Federal Deposit Insurance Corporation (FDIC): Federal Reserve, and U.S. Department of the Treasury joint press release, March 12, 2023)
- Federal Reserve Board Announces it Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors (The Federal Reserve, press release, March 12, 2023)
- Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank (New York Department of Financial Services press release, March 12, 2023)
- FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY (FDIC press release, March 12, 2023)
- FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California (FDIC press release, March 12, 2023)
