First Republic Executives Fail in Attempt to Recover Nonqualified Deferred Compensation Plan Assets
Business Better Podcast Episode: Know The Facts: Silicon Valley Bank Receivership FAQs for Swaps
What Does UCRERA Mean For Creditors? [More with McGlinchey Ep. 13]
Polsinelli Podcasts: Out-of-Court Alternatives to Bankruptcy
A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the...more
On April 26, the FDIC announced that the Pennsylvania Department of Banking and Securities had closed a Philadelphia-based bank and appointed the FDIC as receiver, noting that this is the first bank to “fail” this year and...more
Deposit Insurance - Are the deposits at my bank FDIC-insured? Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more
On March 12, 2023, the New York State Department of Financial Services appointed the FDIC as receiver for Signature Bank. The FDIC created a bridge bank, Signature Bridge Bank (“Bridge Bank”), and transferred all deposits and...more
Recently, the Federal Deposit Insurance Corporation (“FDIC”) issued a report from its Chief Risk Officer entitled FDIC’s Supervision of First Republic Bank. The FDIC was First Republic Bank’s primary federal banking agency,...more
On August 29, at a Board Meeting for the Federal Deposit Insurance Corporation (FDIC), Comptroller of the Currency Michael J. Hsu issued a statement supporting the insured depository institution (IDI) Resolution Plan Rule,...more
On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (“SVB”) and subsequently appointed the Federal Deposit Insurance Corporation (“FDIC”) as...more
Breaking Up Is Hard To Do - In the wake of the collapse of Silicon Valley Bank and Signature Bank, every chief executive officer of a mid-market privately held company had the same two questions this morning: what banks hold...more
The Federal Deposit Insurance Corporation (“FDIC”) Board voted (3-2) to propose a special assessment to recoup the expected $15.8 billion cost to the Deposit Insurance Fund “(DIF”) in the wake of invocation of the special...more
A toxic combination of poor risk management and poor regulatory supervision proved fatal for Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), according to a series of reports released on April 28, 2023 by federal...more
On April 28, 2023, the Board of Governors of the Federal Reserve System (“Federal Reserve”) and the Federal Deposit Insurance Corporation (“FDIC”) each released reports detailing the respective agency’s supervision history...more
On May 1, 2023, the Federal Deposit Insurance Corporation (“FDIC”) seized control of First Republic Bank (“First Republic”) and then, as receiver of First Republic, entered into a purchase and assumption agreement (“P&A”)...more
This FAQ was last updated at 3 pm EST on May 1, 2023. This is an evolving situation, and we will update this FAQ as more information becomes available. What happened with First Republic Bank? On May 1, 2023, First...more
Federal Deposit Insurance Corporation (“FDIC”) Vice Chair Travis Hill gave a speech earlier this week, titled “Recent Bank Failures and the Path Ahead,” at the Bipartisan Policy Center. The speech appears to be Vice Chair...more
I had deposits at Silicon Valley Bank (SVB) that were assumed by First Citizens. Are my deposits fully insured? Deposits at First Citizens are insured up to the standard maximum deposit insurance amount, which is $250,000...more
While most 401(k) plans don’t have account balances, the shuttering of Silicon Valley Bank and Signature Bank is a pause for concern. While there might be some pension plans that could have been affected by the failures of...more
The recent collapses of Silicon Valley Bank (“SVB”) and Signature Bank—followed by the bailout of Credit Suisse—have led depositors to look for ways to protect their deposits in excess of the Federal Deposit Insurance...more
On March 10, 2023, Silicon Valley Bank and Signature Bank were closed by their respective jurisdictions’ financial service agencies due to a high influx of depositors making massive withdrawals in the week prior....more
The collapse of Silicon Valley Bank will have enormous repercussions for startups and VCs in ways seen and unseen. As for the unseen, SVB had deep relationships among the various players in the venture ecosystem. Founders...more
As outlined in our previous client alert relating to the current banking environment in the wake of SVB's failure and FDIC receivership, and notwithstanding the apparent stabilization of the banking industry and financial...more
Foley & Lardner LLP is closely monitoring the rapidly changing landscape surrounding the recent bank insolvencies. On Tuesday, March 21, at 5:00 p.m. CT, Foley hosted a webinar where a panel of presenters discussed the...more
Over the past several weeks, the markets have been roiled by banks in financial distress. Some banks have received influxes of capital, while others were taken over by regulators or a competitor. Banks and the global economy...more
The recent seizure and shutdown of two prominent regional banks – Silicon Valley Bank and Signature Bank – highlights for employers the issues that an unexpected liquidity crisis may bring. And, it’s not just banking...more
Both the Senate Banking Committee and House Financial Services Committee held hearings this week on the federal regulatory response to the failures of Silicon Valley Bank (“SVB”) and Signature Bank. Witnesses at both hearings...more
On March 12, 2023, Signature Bank, New York, NY (SB) was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. “[T]he FDIC transferred all...more