Hundreds of venture capital firms vow to work with Silicon Valley Bank again if new owner is found
Publishing timestamp: 2023-03-12 08:53:41
Summary
More than 300 venture capital firms have signed a letter expressing their willingness to work with Silicon Valley Bank (SVB) under new ownership, provided it is appropriately capitalized. SVB was shut down by regulators on Friday following a run on the bank on Thursday. The failure of SVB marks the largest in US banking since the 2008 financial crisis and the second-largest ever. Some venture firms withdrew their own money and instructed their portfolio companies to withdraw their deposits from SVB before the run. The Federal Deposit Insurance Corporation (FDIC) will cover up to $250,000 per depositor, but it remains to be seen what portion of deposits on SVB's balance sheet will see full or partial recovery, and whether there is an immediate buyer poised to acquire the bank's operations.
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Keywords: jpmorgan chase & co, venture capital, business news, fintech, autos, technology,
Source: https://www.cnbc.com/2023/03/12/hundreds-of-vcs-vow-to-work-with-svb-again-if-new-owner-found.html