NOTE: if you have additional resources, email: svbsos@pberg.com or DM on Twitter: @peter
UPDATE: it appears all depositors will be made whole come Monday, 3/13
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm
Resources below are not endorsements or financial or legal advice. This is just an attempt to provide helpful information to anyone who might need it. Caveat emptor.
CONTENTS
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html
Indicates the status of SVB banking systems & payment transfers, courtesy Modern Treasury:
https://www.moderntreasury.com/svb-resource-center
https://www.liquiditygroup.com/
Up to 25% of the face amount of the SVB/FDIC certificates of deposit - which will be the collateral
Contact: zeronote@8vdx.com or visit https://www.8vdx.com/venturedebt/
SVB - Resources for Running Payroll (+Resources To Date)
Note: this is not legal or financial advice, but it might be a good idea to open a bank account with a major institution (think top-10 bank) to avoid any risk of negative sentiment spreading, e.g. to regional or other banks with a similar customer profile to SVB that might be affected by fears of contagion.
That said, a second account of some kind is going to be necessary to move funds out of SVB or to receive other business funds, and something is better than nothing, as more traditional banks may have longer onboarding times.
Contact: Siya Vansia, EVP; svansia@cnob.com - Direct: 201-510-6793
https://www.connectonebank.com/
From the bank:
We can get business accounts open same day, offer up to $150MM in extended FDIC coverage and can get the company set up within a day (even if someone doesnt go with us, I'd encourage companies to ask about the time to get extended coverage). Plus we have our bankers mobilzed so companies have direct access.
Helpful operational advice on how to navigate the FDIC, funding & new bank accounts for companies that don’t have a CFO: SVB - Next Steps
Practical advice in this thread from the Secret CFO:
Offer of temp-CFO & financial modeling help: