March 29, 2023
Glaser Weil’s Banking Response Task Force is continuing to monitor the banking crisis. Our Banking Response Resource Center provides the below list of important resources and will be updated as developments occur. Please reach out to your Firm contact or banking@glaserweil.com with questions.
Flagstar Bank assumes Signature Bank lease at 1400 Broadway, New York Business Journal (May 23, 2023)
First Citizens sues HSBC for hiring away Silicon Valley Bank staff, Reuters (May 22, 2023)
JPMorgan Expects Bump in Interest Income After First Republic Takeover, Barron’s (subscription required) (May 21, 2023)
How the Sale of Signature Bank’s Huge Mortgage Portfolio Could Change the Lives of NYC’s Tenants, The City (May 3, 2023)
Federal Reserve policy tool: Bank Term Funding Program (updated May 11, 2023)
FDIC list of banks which have failed since October 1, 2000: Failed Bank List (updated May 1, 2023)
Remarks by Secretary Yellen: Remarks by Secretary of the Treasury Janet L. Yellen at the American Bankers Association’s Washington DC Summit (March 21, 2023) (concerning reasons for SVB and Signature actions, and willingness to repeat these steps if another smaller bank were to fail)
Regulatory bodies’ joint statement: Joint Statement by the Department of the Treasury, Federal Reserve, FDIC and OCC (March 16, 2023) (concerning funds deposited into First Republic)
FDIC, Federal Reserve and Treasury press release: Joint Statement by Treasury, Federal Reserve, and FDIC (March 12, 2023)
Federal Reserve press release: 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 (March 12, 2023)
New York Department of Financial Services press release: Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank (March 12, 2023)
FDIC press release: FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY (March 12, 2023)
FDIC press release: FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California (updated March 10, 2023)
U.S. Senate Committee on Banking, Housing, and Urban Affairs press release: Brown, Colleagues Call for Action to Strengthen Financial Stability (March 31, 2023)
FDIC FAQs regarding what happened at Signature Bridge Bank, N.A. – New York: Signature Bridge Bank, N.A. – New York, New York: Frequently Asked Questions (updated May 2, 2023)
FDIC press release: FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA (April 5, 2023)
FDIC press release: FDIC Announces Upcoming Sale of the Loan Portfolio from the Former Signature Bank, New York, New York (April 3, 2023)
New York Community Bancorp, Inc., press release: New York Community Bancorp, Inc. Through Its Bank Subsidiary, Flagstar Bank, N.A., Acquires Certain Assets and Assumes Certain Liabilities of Signature Bridge Bank From the FDIC (March 20, 2023)
Signature Bridge Bank, N.A., website: An Important Note to Our Clients (originally released March 20, 2023)
FDIC press release: Subsidiary of New York Community Bancorp, Inc., to Assume Deposits of Signature Bridge Bank, N.A., From the FDIC (March 19, 2023)
FDIC FAQs regarding what happened at Silicon Valley Bridge Bank, N.A. – Santa Clara: Silicon Valley Bridge Bank – Santa Clara, California – Frequently Asked Questions (updated May 2, 2023)
FDIC press release: FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA (April 5, 2023)
FDIC press release: First–Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., From the FDIC (March 26, 2023)
FDIC press release: FDIC Extends Bid Window for Silicon Valley Bridge Bank, N.A. (March 20, 2023)
SVB Financial Group press release: SVB Financial Group Commences Chapter 11 Proceeding to Preserve Value (March 17, 2023)
FDIC letter: Financial Institutions Are Required to Meet Contractual Obligations With Bridge Banks (March 14, 2023)
Silicon Valley Bridge Bank, N.A., announcement: Details for Counterparties (March 14, 2023)
FDIC press release: FDIC Acts to Protect All Depositors of the Former Silicon Valley Bank, Santa Clara, California (March 13, 2023)
FDIC FAQs regarding what happened at First Republic Bank: First Republic Bank - San Francisco, CA Frequently Asked Questions (last updated May 16, 2023)
First Republic Bank note to customers: A message to our First Republic clients from JP Morgan Chase (May 5, 2023)
FDIC failed bank list announcement: Failed Bank Information for First Republic Bank, San Francisco, CA (May 1, 2023)
FDIC press release: JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California (May 1, 2023)
JPMorgan Chase press release: JPMorgan Chase acquires substantial majority of assets and assumes certain liabilities of First Republic Bank (May 1, 2023)