The latest recent news everyone is talking about is the collapse of Silicon Valley Bank (SVB) that occurred on March 10, 2023. SVB was shut down by the California Department of Financial Protection & Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver.
This has left many SVB customers and other parties questioning what happened and what are the next steps. As the situation is evolving, there are many unanswered questions and concerns, such as, what’s the status of my cash on deposit? Am I insured? What about uninsured funds? What’s the effect on my ability to make payments?
If you have been affected by this, please contact us, and we can direct you through your concerns. Our firm has long-term established relationships with many financial institutions and can help you determine the right banking resource that will fit your business needs.
For more information, please contact your PKF Mueller representative or:
Amy M. Chamoun, CPA, MST
+1 847 649 8843