Silicon Valley Bank collapse hits companies such Camp, Compass Coffee
Employees are expected to receive their payments by midnight Friday, over the weekend or Monday at the latest,, the Compass Coffee email said, citing information from the payroll provider. The timeline for the employees would reportedly depend on their bank.
The coffee company was "working tirelessly" on the issue and "taking every possible step" to avoid such a thing occurring again, Haft said. Compass, the email said, changed providers for the coming week.The Federal Deposit Insurance Corporation said in a press release Friday that SVB was closed by the California Department of Financial Protection and Innovation, which in turn appointed FDIC as the receiver of all insured deposits of the bank.
A customer stands outside of a shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Depo"All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023," the FDIC said. "The FDIC will pay uninsured depositors an advance dividend within the next week.
SVB’s closure came after the bank earlier this week disclosed mounting losses and announced plans for a $1.25 billion stock sale with little interest.
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