The demise of major life sciences and Bay Area lender Silicon Valley Bank has sent ripples throughout the healthcare sector as startups who banked at SVB scramble to gain loans and access to cash, Healthcare Dive reports.
The FDIC announced Sunday that all depositors at Silicon Valley Bank would have access to their funds starting today and that taxpayers would bear no brunt of the secured cash, after regulators closed and took over the bank Friday.
Regulators also announced the closing of Signature Bank on Sunday, the third largest bank in U.S. history to shut down, after SVB.
The announcements from federal regulators come after a rapid four-day nosedive for the bank left some startups locked out of their funds and unable to clear payroll checks or pay bills. Read more.
