<aside> 💡 We have compiled a collection of resources gathered from the Venture Community to create a shared platform for Israeli founders to better navigate this evolving situation. We will continue to modify this page as more information or additional resources become available. You are welcome to share this resource link with fellow founders. We of course recommend consulting with legal counsel and financial advisors familiar with the situation to ensure you are taking all necessary steps to protect your business and assets.

</aside>

For any questions or suggestions, please reach out to Tal Ben-Moshe at [email protected].

A. The Situation

Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation on Friday as customers pulled out deposits. The bank has been put under Federal Deposit Insurance Corporation receivership.

<aside> 💡 All depositors at SVB will be fully protected and able to access 100% of their money on Monday. None of the losses will be the responsibility of taxpayers.

</aside>

Joint Statement by Treasury, Federal Reserve, and FDIC

The FDIC’s Resolution & Guidelines

The FDIC Claims Portal

FDIC: Failed Bank Information for Silicon Valley Bank, Santa Clara, CA

claimsportal

An Excerpt From the FDIC’s FAQs

• Advanced Dividend: The FAQ reiterates previous statements that the FDIC will pay uninsured depositors an advance dividend within the next week. Depositors do not have to file a claim for their advanced dividend.
• Uninsured Deposit Claims: With respect to deposits in excess of $250k or other claims, the FAQ provides a number that claimants should call (1-866-799-0959) to discuss the process for making a claim. However, the claims portal, in which you can verify your insurance status, does not open until Monday. Further, claims may be made up until an end date that has yet to be determined. In light of this, and the fact that it is still possible SVB could be sold as a whole (see below), it is probably not feasible or necessary to initiate the claims process this weekend (subject to the next bullet on offsets).
• Uninsured depositors & offsets: In the event you have uninsured deposits, it may be possible to offset your uninsured amount against a loan in the same name as your uninsured deposit account. You should make a telephone appointment with an FDIC Claims Agent at 1-866-799-0959 to discuss your situation, and we recommend doing this as soon as possible.
• Lines of Credit: All lines of credit will be permanently frozen as of closing on March 10, 2023. You will need to establish a new line of credit with your new bank.
• Direct Deposits: All direct deposits will continue until the bridge bank end date; however, you should arrange to move any automatic deposits or withdrawals as soon as possible.
• Automatic Payments: Any automatic payments from your account will continue until you close your account or the bridge bank end date (to be determined), whichever comes first. You should move your automatic payments to a new bank as soon as possible.

Step by Step Guide

1. Fill up forms - this is not a claim! - by going here: https://www.fdic.gov/resources/forms/deposit-claims-and-asset-sales/index.html) and clicking on Electronic Submission for FDIC 7200/06 (if you are a regular C corp not managing funds for clients - Declaration of Independent Activity.), Electronic Submission for FDIC 7200/24 (Claimant Verification) and Electronic Submission for FDIC 7200/19 (Proof of Claim). Before clicking submit, download a copy of the form as FDIC may not return an approved copy immediately. Other forms may be necessary based on your specific situation. Read the instructions in each form as they detail what supporting docs you need, eg proof of ID, article of association, statement of good standing, tax returns, latest financial reports.

2. File a claim here https://resolutions.fdic.gov/claimsportal/s/ - you need to have a Login dot Gov account, and you can set one up in the process that requires ID verification (eg Drivers License). Then file a claim as a depositor and as a business (if that's your case) and select Silicon Valley Bank. I wrote the account number and funds in the claim description to be on the safe side. You don't have a claim until you get an email with a case number. After getting a case number, you can upload files in the next screen - use the forms from above, any additional supporting docs (proof of ID, articles of association etc), and SVB documents supporting the funds and account number.

3. Schedule a meeting - after uploading files to the claim, you get a button "schedule an appointment". Appointment is mandatory to get funds in excess of $250K per FDIC support line. The scheduling app is overloaded and you need to keep trying.

   Additional Data on How to Claim FDIC Insured Funds

   • https://vol1ventures.notion.site/vol1ventures/How-To-Claim-FDIC-Insurance-For-Lost-Funds-d80e0be299454937a72805eb805e26cf

B. Banking Alternatives