Stifel Bank Managing Director Venture Bank PacNW; financing innovation and entrepreneurship; venture capital; hobbies - pool, ping pong, and a little karaoke.
Seattle tech has come out in force for #FoundersBash. @kirbywinfield always knows how to throw a party and bring the tech community together. Glad that @Stifel could partner while getting to connect with great friends.
Wow: @brexHQ moving $200M of their corporate funds from large banks into SVB, a direct competitor to parts of their business.
Solid move to strengthen the ecosystem
https://t.co/BWwhCJLuzE
Brex just announced that it has diversified its own corporate funds and moved $200M to Silicon Valley Bridge Bank. @brexHQ is also supporting any customers that move part of their funds to SVBB through the Brex dashboard. Thanks for the support! https://t.co/sszng9q6kM
“There is no safer place for deposits than SVB. We are not subject to the $250k FDIC limit. We are fully insured.”
-Tim Mayopoulos, SVB Bridge Bank CEO
New SVB bridge bank CEO doing a zoom session to reassure customers.
Good job so far- hope we can keep as much of it intact as possible.
He wants to assure people that SVB is not in wind down mode- it’s open for business.
I'm encouraging our portfolio companies to keep their money at SVB, & encourage you to do the same.
It's the safest place to put your money - fully guaranteed with no $250k limit.
We (tech/VC's) really need SVB & have a real chance to bring it back or find a friendly home.
Our partnership @fcollective just agreed to move money back into SVB. SVB is a pillar of the tech ecosystem, and we want to see it continue and thrive again. Those who feel the same should consider joining us knowing the bank is stable and fully backed by @FDICgov.
1/ Update on what I know about SVB situation. New info on industry call with new CEO last night.
Their main message, "we are open for business, your deposits are fully FDIC insured & safe"
They understand you will have cash in multiple banks, they would like to be one of them
Excited to announce our new funds! $690 million for new tech startups - across our two funds - Madrona Fund 9 and Acceleration Fund 2. Thank you to our founders, investors and the PNW ecosystem - we are looking forward to the future! https://t.co/QE4CRDS2WT