Feds shore up Silicon Valley Bank deposits, capping weekend of anxiety for Mass. customers

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Feds shore up Silicon Valley Bank deposits, capping weekend of anxiety for Mass. customers
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The U.S. Treasury announcement came at the end of a tense weekend for the bank's customers across Greater Boston, who were scrambling to secure cash for payroll and business operations.

U.S. Treasury officials on Sunday evening said customers of the failed Silicon Valley Bank would have access to all of their money on Monday, in a bailout that would not be paid for by taxpayers.

Like many people, Levine learned about the tech-focused bank’s brisk demise when he saw a slew of headlines. The Santa Clara, California-based institution, with several offices in the Boston area, had a four-decade history of catering to startups and technology clients, and had grown to $209 billion in assets. It’s now the biggest bank failure since the 2008 financial crisis.

Silicon Valley Bank has worked with brand-name venture capitalists from Boston to California, and sometimes also invested in deals alongside the VCs. In many cases, when startups landed venture funding, they deposited the lion’s share of that money in accounts with Silicon Valley Bank. So while employees of startups were fretting in recent days over their future, venture investors were also at risk.

“There are a lot of companies in suspended animation right now because of this,” he said. “If you have deposits in the bank, as most do, over $250,000, you’ve got to be thinking now – what is the viability of that bank's balance sheet?”

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