All the Companies Facing Major Troubles After Silicon Valley Bank Crash
As a result of Silicon Valley Bank’s (SVB) sudden implosion on Friday, a bevy of companies have started releasing filing information, sending out calls for help, and putting holds on their company’s payroll systems. Businesses like Roku, Vox Media, and Etsy are among them.
The Federal Deposit Insurance Corporation (FDIC) seized SVB’s $209 billion in assets on Friday, ordering the bank closed after the crash. SVB is the 16th-largest bank in the country, and this crash has become the biggest bank failure since the 2008 financial crisis. SVB, which was formed in 1983, was used by a handful of startups in the country.
“All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023,” the FDIC said in a statement. “The FDIC will pay uninsured depositors an advance dividend within the next week.”