Their outstanding loans were among the assets that were sold to First Citizens, customers of the bank told the Journal. Some SVB customers told the Journal they have asked First Citizens if their loans can be set off with the deposits that the funds had in their Cayman bank accounts. SVB’s Cayman branch is among the assets that were placed under receivership. The receiver has up to 180 days to determine whether to allow the claims, according to a notice sent by one of SVB’s customers to its investors. “They’re being squeezed both ways,” Joseph Lynyak, a former FDIC regulator, said of SVB customers who have lost their deposits but still have to repay their loans.

Source: Wall Street Journal June 19, 2023 20:37 UTC