[BostonCard]

I spent Friday helping our finance team unwind as much as possible from SVB - opening up new accounts, steering disbursements that way (AMZN, others), getting our payment term customers new wire instructions, and so on.  Others were contacting venture investors to secure financing for emergency liquidity.  Not a fun day.

There’s a SVB Private location across the street though and I’m sure their day was worse.

Sorry you had to go through that. I hope you and your team get through this.

BC

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Fwiw, looks like the FDIC has sold enough of SVB’s assets over the week end that uninsured depositors will be able to start getting their money back on Monday.

[tweet]https://twitter.com/mattyglesias/status/1634745227813478407?s=61&t=uOULmTXhVLkcXRmnxXcClQ[/tweet]

My understanding is that this is a start, and that SVB’s assets should be able to cover all or almost all of the uninsured depositors, and that a buyer, if found, should be able to make even the uninsured depositors whole.

BC

[BostonCard]

I spent Friday helping our finance team unwind as much as possible from SVB - opening up new accounts, steering disbursements that way (AMZN, others), getting our payment term customers new wire instructions, and so on.  Others were contacting venture investors to secure financing for emergency liquidity.  Not a fun day.

There’s a SVB Private location across the street though and I’m sure their day was worse.

Sorry you had to go through that. I hope you and your team get through this.

BC

---

Fwiw, looks like the FDIC has sold enough of SVB’s assets over the week end that uninsured depositors will be able to start getting their money back on Monday.

[tweet]https://twitter.com/mattyglesias/status/1634745227813478407?s=61&t=uOULmTXhVLkcXRmnxXcClQ[/tweet]

My understanding is that this is a start, and that SVB’s assets should be able to cover all or almost all of the uninsured depositors, and that a buyer, if found, should be able to make even the uninsured depositors whole.

BC