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In case you missed it: The recent news surrounding Silicon Valley Bank (SVB) set off panic and confusion across Wall Street. We wanted to take this opportunity to not only give an overview of the news but also reiterate why Novo’s mission to support America’s small businesses is both unimpacted and more important than ever.
What happened to Silicon Valley Bank?
Silicon Valley Bank announced its latest earnings on March 8, 2023, and revealed that it had suffered from a slowdown in venture capital funding, declining customer deposit volume, and losses on investments it made when rates were at lower levels. As a result, it was going to sell off assets to meet demand for customer withdrawals. This news set off fear in the tech industry, as start-ups rushed to get their money out of the bank.
These concerns became self-fulfilling and fueled what is known as a bank run, which occurs when many customers withdraw their funds from a financial institution out of fear that the bank may fail.
On Friday, March 10, 2023, the California Department of Financial Protection and Innovation (DFPI) revoked SVB’s bank charter and transferred the business into receivership under the Federal Deposit Insurance Corporation (FDIC). On Sunday, March 12, 2023, US regulators said Silicon Valley Bank depositors would be fully repaid, above the FDIC insurance threshold of $250,000.
Our doors are open to all small businesses
Novo’s operations weren’t impacted by the SVB collapse, and our goals haven’t changed: provide the best possible banking experience for the small businesses we love to serve. Our award-winning business checking accounts have no monthly fees and no minimums, and we continue to focus on saving our customers time and money by speeding up cash flow and providing free invoicing, budgeting tools, and integrations.
Our business is well capitalized and all customer deposits are FDIC insured up to $250,000 through Middlesex Federal Savings F.A.; Member FDIC.
We’re excited to continue to support our customers’ growth. If you have any questions about your Novo account, please reach out to us at support@novo.co.
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