Silicon Valley Bank employees were offered 45 days of work at 1.5 times pay by the Federal Deposit Insurance Corporation, the regulator that clamped down on the lender that collapsed on Friday , Reuters reported Saturday.
Employees will be registered by the FDIC and provided with benefits information at the end of the week, and detailed health care information will be provided by the former parent company SVB Financial Group.
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The FDIC wrote in an email late Friday titled “Employee Retention.” SVB had a workforce of 8,528 at the end of last year.
Employees are required to continue to work remotely, with the exception of essential workers and branch employees.
The FDIC did not immediately respond to a request for comment.
The Silicon Valley Bank was shut down by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (FDIC) was designated to take over, becoming the first FDIC-backed institution to go bankrupt. in this year. SVB ranked as the 16th largest bank in the United States at the end of last year, with about $209 billion in assets and $175.4 billion in deposits.
See: Silicon Valley Bank branches closed by regulator in biggest bank bust since Washington Mutual
The lender’s main office in Santa Clara, California and all of its 17 branches in California and Massachusetts will reopen on Monday, the FDIC said in a statement Friday.
