SVB Resource Center

• On Friday, March 10, 2023, the California Commissioner of Financial Protection and Innovation took possession of the property and business of Silicon Valley Bank and the Federal Deposit Insurance Corporation was appointed as its receiver.
• Our team is watching this evolving situation and counseling clients on what it may mean for them.
• We will share general insights and resources on this page. Please contact your Orrick team member or message us at [email protected].

Insights

• March 21 – Silicon Valley Bank Collapse Highlights QSBS Issues
• March 17 – Webinar: SVB German Implications & General Guidance
• March 14 – Important Information for Counterparties of SVB/SVBBNA: SVBBBNA has assumed SVB’s loans, contracts and other commitments.
• March 14 – Silicon Valley Bridge Bank, National Association is open for business.
• March 14 – Sifted talks with leaders in the startup space about what happened at SVB and what we can expect moving forward.
• March 13 – Considerations for VC funds regarding receivership of SVB.
• March 13 – Key issues for employers following the Silicon Valley Bank and Signature Bank closures.
• March 13 – Practical implications for the newly formed bridge bank for SVB.
• March 13 – Our London team discusses what the acquisition means for companies and funds and answers questions.
• March 12 – Hot off the press: an overview of efforts to stabilize the U.S. banking system.

Resources

• Form Bridge Financing Documents (US) – Orrick is making these form bridge financing documents for US companies available in response to the urgent need for capital many companies are facing.
  • Form Unsubordinated Promissory Note with simple PIK Interest
  • Form Subordinated Promissory Note with simple PIK Interest and Subordination Agreement
• FDIC Announcement
• FDIC FAQs
• FDIC Borrowers Guide