Daily News | 5 things to know about the Silicon Valley Bank failure
, which operates out of Grays Ferry and is focused on head injuries. Concerned about the company’s future and her employees’ salaries, the team broke out a bottle of scotch until they found out more. Across the country, other startups are also in distress.
Financial regulators announced Friday that they were taking over control of Silicon Valley Bank, marking the second-largest bank failure in U.S. history. Clients of SVB reported being unable to access their money or process checks or payments. The trickle-down effect was felt across the country, with some companies freezing payouts and an unavoidable stream of chatter about the news.
For Garcia, SVB’s collapse signaled the potential loss of millions of dollars and sleepless nights. While the FDIC has stepped in to help customers recover funds, the CEO says her trust in the financial industry is shaky at best.The bank was founded in 1983 in California and quickly became popular among the tech and startup community. It was the country’s 16th-largest lender. SVB
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