Is SVB now a part of First Citizens Bank? Silicon Valley Bank was acquired by First Citizens Bank on March 27, 2023. Silicon Valley Bank is open and operating as a division of First Citizens Bank serving the same investor and innovation economy clients that it has for the past 40 years.

You can withdraw all your funds from SVB, including the funds in the cash sweep account, by initiating a withdrawal in the amount of the total balance (including the amount in the sweep account).

Both Silicon Valley Bank and SVB Private were placed in receivership and sold to First Citizens Bank. SVB Securities was sold to its management in July 2023 and renamed Leerink Partners. SVB Capital was sold in May 2024 to a newly formed entity affiliated with Pinegrove Capital Partners.

On March 13, 2023, the FDIC announced via press release, that the FDIC transferred SVB assets to a new bridge bank, Silicon Valley Bridge Bank, N.A., and appointed Tim Mayopoulos as CEO. The new entity, Silicon Valley Bridge Bank, N.A., was FDIC-operated, and all SVB clients became customers of the new bridge bank.