BioMed, PhaseBio, and Triduum. A Philadelphia-area investment firm on Friday told associates that some of the tech companies it backs had accounts at the failed bank, and they are reviewing the impact of its takeover.
According to this unusual bank’s Dec. 31 annual report, some $165 billion in Silicon Valley deposits — which is to say, most — were not insured by the Federal Deposit Insurance Corp. Some of that money was foreign, but most was presumably in the accounts of Silicon Valley customers, borrowers and others, who stashed their cash, including millions in investors’ funds, with their bank.
But this time customers stopped trusting Silicon Valley. They remembered their deposits weren’t insured and under pressure after months of rising business costs and the weak stock market. They were finally rattled by the bank’s unfortunate announcement at a vulnerable time and ran for the cash on hand — which wasn’t enough for everyone.
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