Founders swarmed SVB’s Bay Area branches looking for answers after bank's historic failure
Publishing timestamp: 2023-03-11 14:52:28
Summary
SVB, a bank that many startups rely on for everyday banking services, was shut down by regulators and seized its deposits, raising concerns about how clients would pay their bills and employees. Clients of SVB drove to branches in Silicon Valley and San Francisco on Friday trying to get their money and answers to their critical questions, but were met with locked doors. FDIC said that all uninsured deposits will be accessible on Monday, but roughly 95% of SVB's deposits are uninsured. Clients expressed frustration and anger, with some sharing stories of their misfortunes while waiting in long lines outside the bank's branches. Some clients were hopeful for a similar result to the 2008 financial crisis and FDIC's takeover of Washington Mutual.
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