Stay updated with breaking news from Say roku. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
that ensures bank deposits and overseas financial institutions. the agency says all insured depositors will have access to their deposits no later than monday morning. the fdic ensures deposits of up to $250,000. why did this bank fail so quickly? it is an old school bank run in a modern economy. you can point to two reasons. the first is that the fed has been increasing interest rates since 2022. that has an effect on thing bank s assets, which means its unrealized bonds were worthless money. those increased interest rates has had a devastating effect in the tech sector at large. the tech sector has seen layoffs and funds been sold off. that has led to panic. that s led to group chats of founders of vcs all abuzz with what to do with svp. that led to panic. nobody wants to be the last customer held at a bank. help break down all those affected. svb was the premier bank in silicon valley. we ve seen tech companies banking at svb as kind of a badge of honor. right ....
And funds been sold off. that has led to panic. that s led to group chats of founders of vcs all abuzz with what to do with svp. that led to panic. nobody wants to be the last customer held at a bank. help break down all those affected. svb was the premier bank in silicon valley. we ve seen tech companies banking at svb as kind of a badge of honor. right now we re seeing companies come out and say they were affected by this. roku filed what s called an 8k and said 26% of its cash assets are tied up in svb. ....
so $487 million for say roku. and when we talk about the fdic insuring up to $250,000, does that mean that conceivably a company like that could be reduced to just having that amount recovered? right. so $250,000 is what the fdic ensures. for a personal account, that might be something. but for these large business accounts trying to make payroll, that is basically nothing. $250,000 is the floor. the fdic has come out and said that is what guaranteed will be available monday. right now they re looking at the books of svp and determining how much and how quickly they with make the rest of those funds available to customers. so people are feeling that hit for those svb customers, but then people who bank in other places are learning about this and now wondering could that happen to me, what about my ....