“Some of the folks have moved their money out of SVB to other banks,” he said. “Hearing CEOs who are figuring out ways to use their own capital or own funds to fund some of the payroll.”
Dean Nelson, CEO of Cato Digital, was on a line outside of SVB’s Santa Clara headquarters, hoping to get answers. He said he was worried about the company’s ability to pay employees and cover expenses. At a Menlo Park, California, branch, customers were greeted by a taped up press release apprising them the bank had moved into receivership and would be known as Deposit Insurance National Bank of Santa Clara.The bank has been central to the formation of many early stage companies due to its reputation for taking bets on startups that may have had little chance of survival otherwise and for which larger banks may find far too risky.
Tyrner said she wondered if her co-founder had gone mad. “She’s just pinging me over and over and texting my kid,” Tyrner said in an interview. “‘SVB is going under,'” her partner texted, said Tyrner. “‘We have to get our funds out, please approve this wire.'”
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