Silicon Valley Bridge Bank, N.A. in Operation – Details for Counterparties

Silicon Valley Bridge Bank, N.A. is a new bank that is regulated by the Office of the Comptroller of the Currency. Silicon Valley Bridge Bank, N.A. has fully stepped into the shoes of the former Silicon Valley Bank, this means:

1. All loan positions, including as lender, issuing bank, administrative agent and any other function that was formerly performed by Silicon Valley Bank has now been assumed by Silicon Valley Bridge Bank, N.A.;
2. All commitments to advance under existing credit agreements will be honored in accordance with and pursuant to the terms thereof;
3. Any other duties or roles under existing credit agreements will be performed by Silicon Valley Bridge Bank, N.A. in accordance with and pursuant to the terms thereof;
4. In addition, please note that Silicon Valley Bridge Bank, N.A. is not in FDIC receivership.
5. All counterparties of former Silicon Valley Bank may transact with, settle transactions and otherwise conduct business with Silicon Valley Bridge Bank, N.A.
6. Silicon Valley Bridge Bank, N.A. has assumed the obligations and commitments of former Silicon Valley Bank.

This document supports the above: FDIC Confirmation That Bridge Bank Open and Operating

Press release:  Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks

Please read more in the Silicon Valley Bridge Bank transfer agreement.