Silicon Valley Bank’s new CEO Tim Mayopoulos claimed the bank is “open and conducting business as usual.” The Federal Deposit Insurance Corporation (FDIC) “transferred all deposits and substantially all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank,” the CEO said in a letter. Mayopoulos noted that “Depositors have full access to their money.”
From The Post Millennial:
According to Investopedia, a bridge bank is "an institution that has been authorized by a national regulator or central bank to operate an insolvent bank until a buyer can be found." It is tasked with holding the assets and liabilities of the failed bank in the interim.