March 2023

On Sunday, federal emergency measures have been implemented to protect all Silicon Valley Bank depositors and ensure all have access to their funds. See the Joint Statement by Treasury, Federal Reserve, and FDIC

The Federal Deposit Insurance Corp. took control of Silicon Valley Bank last Friday, after the bank was hit by a run on its deposits. Most of the bank’s customers, predominantly technology companies and startups, had deposits exceeding the $250,000 limit on FDIC insurance, and there was widespread concern those customers wouldn’t get their money back quickly enough to cover payroll and other financial obligations.

While depositor experiences vary, and some are unable to login to their SvB accounts and SvB communication remains sparse. In the meantime, you can find more information in the following article from FactSet along with FAQs from Pilot and Goodwin Proctor

If Matt or I can help you make sense of all that is going on and any impacts to your search, please contact us. In the meantime, please find a selection of resources below to support your efforts. 

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February 2023