Tamping down crisis, feds guarantee Silicon Valley Bank depositor funds, which customers can access Monday

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The Federal Deposit Insurance Corporation will “complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors, both insured and uninsured,” the Federal Reserve Board announced Sunday afternoon as part of a broader plan to shore up the U.S. financial system following the bank’s sudden downfall. The move is meant in part to reassure startup leaders in Silicon Valley, Seattle, and elsewhere across hte country. Many of those tech leaders have spent the past four days scrambling for solutions after an extraordinary bank run, sparked by a loss of confidence in Silicon Valley Bank’s financial position,… Read More
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Editor’s note: GeekWire reached out to Will Canestaro, managing director of Washington Research Foundation and WRF Capital, on Friday to get his take on the impact of Silicon Valley Bank’s closure on biotech companies and the tech industry more broadly. His answer is below. SVB was a central and densely connected node in the startup and VC ecosystem. It canât be easily pruned from the banking system without consequences for privately-held companies and the economy broadly. Iâve been receiving calls and emails all day and weâve been assessing the exposure for our portfolio companies to SVB. For most early-stage and lower… Read More
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