Depositors of Silicon Valley Bank will have full access to their money beginning Monday morning, the Federal Deposit Insurance Corp. said, after confirming a successful transfer of deposits to a new bridge bank.

The new bridge bank, called Silicon Valley Bank N.A., will be operated by the FDIC. It will have normal opening hours, and customers have been automatically switched, the regulator said in a statement on Monday.

lAll depositors of the institution will be made whole,r the FDIC said. lNo losses associated with the resolution of Silicon Valley Bank will be borne by taxpayers.r

The transfers were approved by banking regulators on Sunday, using provisions designed to protect the financial system from contagion, after the FDIC was appointed receiver of the failed bank on Friday.

The FDIC named former Fannie Mae CEO Tim Mayopoulos as CEO of the bridge bank.

Read more: Silicon Valley Bank Depositors Will Have Access to 'All' Funds Monday, Say Federal Regulators

UPDATE (Mar. 13, 10:40 UTC): Adds additional details.