(Pictures of white males are few and far between - except in the executive suite. https://www.svb.com/leadership)
Posted on 03/11/2023 4:05:53 PM PST by ConservativeInPA
The collapse of SVB Financial Group (NASDAQ:SIVB) could have a ripple effect on the technology and biotech industries, the two largest sectors that had deposits and financial relationships with the company’s Silicon Valley Bank.
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Roku said all insured depositors of SVB will get full access to their insured deposits no later than Monday morning.
“Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of SVB, future dividend payments may be made to uninsured depositors.”
Roku reported in the filing that they have $487 million of their $1.9 billion in cash and cash equivalents held at SVB. This represents 26% of the company’s cash and cash equivalent balances as of March 10, 2023.
(Excerpt) Read more at markets.businessinsider.com ...
Other Companies Impacted:
Benzinga reported on other companies that have ties to Silicon Valley Bank on Friday.
Shares of Sunrun Inc (NASDAQ:RUN) fell on Friday on news the company had Silicon Valley Bank as one of its lenders.
Biotech company Chimerix Inc (NASDAQ:CMRX) said its cash held at Silicon Valley Bank was near the FDIC insured limit.
Benzinga Pro, a source for top stock market news and headlines, shared a list of all the companies that had put out filings and statements regarding their relationships with Silicon Valley Bank.
Many more could issue statements in the coming days.
Too bad Roku didn’t insure their deposits above the FDIC $250,000 threshold. However, it isn’t the American taxpayer’s responsibility to remedy stupid decisions made by corporations.
Eventually. Over the years.
Why would anyone keep such large amounts of uninsured deposits? Is that normal?
Is it true that Meghan Markle and Prince Harry are going to be affected? Orca?
Just have seen rumors on twitter....
Not very uncommon. Many of who own USA businesses have deposits in banks over $1 million.
There’s at least 20 other banks teetering on collapse for the same reasons as SVB. They are geographically dispersed across America. I’m thinking it’s unlikely for SVB business depositors to be involved in more than one bank failure. BTW, it is common for businesses to have more than $250k in a single account, and there are some technical to mitigate risk. Whether a business applies those techniques is another story.
Who or what is Roku?
Internet streaming service of entertainment sources. A replacement for cable.
Y’all know what a cash equivalent is, right? Pro tip: it isn’t a deposit account.
(Pictures of white males are few and far between - except in the executive suite. https://www.svb.com/leadership)
The bids from the vultures circling the carcass so far range from 60 to 80 cents on the dollar for the uninsured deposits. So that gives a pretty fair estimate of what businesses and individuals with uninsured deposits can expect they will get back once this is over.
Another Diversity disaster
“Most…have deposits over one million”
Shouldn’t they spread it out to some other banks to hedge their bets? Genuine question is that not normal or possible?
I haven’t heard about anyone who lost money in this bank failure that I can feel any sympathy for.
Well, I really hope Roku is going to be OK. I like them, they are easy to use and don’t give me anxiety, like other modern TV watching does.
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