On Sunday, March 12th in a joint release the FDIC, Federal Reserve Board of Governments, and the Department of the Treasury announced that ALL deposits of the failed Silicon Valley Bank (including those in excess of $250,000) would be fully covered and made available to customers on March 13th. With this announcement, lawyers and law firms maintaining IOLTA accounts should see operations at the bank return to normal on Monday the 13th.

Please find the release here: https://www.fdic.gov/news/press-releases/2023/pr23017.html

If you have any questions, please contact the IOLTA Committee at 617-723-9093.