Silicon Valley Bank employees offered 45 days of work at 1.5 times pay by the FDIC

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Employees of the Silicon Valley bank were offered 45 days of employment at 1.5 times their wages by the Federal Deposit Insurance Corp., the regulator that took control of the collapsed lender on Friday. Reuters reported Saturday.

Workers will be enrolled and briefed on benefits over the weekend by the FDIC, and health details will be provided by former parent company SVB Financial Group SIVB,
the FDIC wrote an email titled “Employee Retention” late Friday. SVB had a workforce of 8,528 at the end of last year.

Employees were asked to continue working remotely, except for essential workers and branch staff.

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 appointed receiver, becoming the first FDIC-backed institution to fail this year. SVB was ranked as the 16th largest bank the US at the end of last year, with approximately $209 billion in assets and $175.4 billion in deposits.

LookSilicon Valley bank branches shut down by regulator biggest bank failure since Washington Mutual

The lender’s main office Santa Clara, California, and all 17 of its branches in California and Massachusetts will reopen on Monday, the FDIC said in a statement Friday.