[82lsju]

the most popular search for start-up CFOs the last couple of days

"what do I do if my payroll doesn't clear"

and many firms paydays were either yesterday or will be next Wednesday.....

more details on what happened

But for customers with deposits totaling more than $250,000, the news was grim. Customers with accounts that surpassed that amount — the maximum covered by F.D.I.C. insurance — would be given certificates for their uninsured funds, meaning they would be among the first in line to be paid back — though potentially only partially — with funds recovered while the F.D.I.C. holds Silicon Valley Bank in receivership.

Perhaps the most immediate concern for investors is the possibility that other banks could face their own troubles.
 
Shares of both First Republic and Signature Bank in New York were down more than 20 percent in trading on Friday. Larger banks were more insulated from the fallout. After a slump on Thursday, shares of JPMorgan, Wells Fargo and Citigroup all nudged higher on Friday.

https://www.nytimes.com/2023/03/10/business/silicon-valley-bank-stock.html

A recent 10-K filing showed more than 90 percent of its deposits were uninsured, and the FDIC says today that “At the time of closing, the amount of deposits in excess of the insurance limits was undetermined.” Some companies who tried to pull money out on Thursday said they were having trouble making transfers, and there is concern over how this could affect some tech and biotech startups who still had their money deposited with the bank.

 
https://www.theverge.com/2023/3/10/23634012/fdic-shut-down-silicon-valley-bank-startup-venture-capital-cash

All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
 

Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.

 

As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.

 

Customers with accounts in excess of $250,000 should contact the FDIC toll–free at 1-866-799-0959.

 
The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition. Loan customers should continue to make their payments as usual.

 
https://www.fdic.gov/news/press-releases/2023/pr23016.html

[82lsju]

the most popular search for start-up CFOs the last couple of days

"what do I do if my payroll doesn't clear"

and many firms paydays were either yesterday or will be next Wednesday.....

more details on what happened

But for customers with deposits totaling more than $250,000, the news was grim. Customers with accounts that surpassed that amount — the maximum covered by F.D.I.C. insurance — would be given certificates for their uninsured funds, meaning they would be among the first in line to be paid back — though potentially only partially — with funds recovered while the F.D.I.C. holds Silicon Valley Bank in receivership.

Perhaps the most immediate concern for investors is the possibility that other banks could face their own troubles.
 
Shares of both First Republic and Signature Bank in New York were down more than 20 percent in trading on Friday. Larger banks were more insulated from the fallout. After a slump on Thursday, shares of JPMorgan, Wells Fargo and Citigroup all nudged higher on Friday.

https://www.nytimes.com/2023/03/10/business/silicon-valley-bank-stock.html

A recent 10-K filing showed more than 90 percent of its deposits were uninsured, and the FDIC says today that “At the time of closing, the amount of deposits in excess of the insurance limits was undetermined.” Some companies who tried to pull money out on Thursday said they were having trouble making transfers, and there is concern over how this could affect some tech and biotech startups who still had their money deposited with the bank.

 
https://www.theverge.com/2023/3/10/23634012/fdic-shut-down-silicon-valley-bank-startup-venture-capital-cash

All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
 

Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.

 

As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.

 

Customers with accounts in excess of $250,000 should contact the FDIC toll–free at 1-866-799-0959.

 
The FDIC as receiver will retain all the assets from Silicon Valley Bank for later disposition. Loan customers should continue to make their payments as usual.

 
https://www.fdic.gov/news/press-releases/2023/pr23016.html