- SVB customers with more than $250,000 in accounts face anxious wait to learn if they can recover funds.
- Uninsured SVB deposits were being quoted at a price of between 55 and 65 cents on dollar.
- Start-up founders have resorted to selling uninsured deposits to pay salaries and other operating expenses.
- Fulcrum Capital contacted start-ups offering to pay an unspecified percentage of the total deposits they held at SVB.
- Jefferies is one of the financial groups who expressed an interest in buying some of the deposits.
- Sheila Bair urged uninsured depositors not to 'precipitously sell'.
Financial Times — World — Banking — Us & Canadian Companies — Banks — Federal Deposit Insurance Corp
Uninsured Silicon Valley Bank depositors seek fire sale of assets
US customers of Silicon Valley Bank which are not covered by a government-backed insurance scheme have been rushing to sell their deposits to pay salaries and other operating expenses after the lender was shuttered by regulators.