USA First Reporting By
The closing of Silicon Valley Bank is expected to have an impact on the US economy that will be felt nationwide.
By supporting the expansion of technology firms, Silicon Valley Bank has established a solid reputation. Yet, as the majority of its customers are companies, the $250K restriction on FDIC deposit insurance coverage makes it only marginally advantageous.
With just a tiny portion of its deposit base insured, Silicon Valley Bank has one of the most vulnerable deposit bases in December. This constituted a considerable danger to its clients, according to SEC filings.
The effects of an unfortunate chain of events are being felt by Roku, a streaming firm with $487 million deposited at Silicon Valley Bank. They reported ambiguity about how much cash might be retrieved, leaving them subject to significant financial losses since the majority of their deposits were not protected by FDIC standards.
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