The Bank Slate


LendingClub, tech firms disclose SVB exposures

LendingClub in San Francisco is among the companies that have disclosed having deposit accounts at Silicon Valley Bank at the time it was taken over by regulators.

The $8 billion-asset LendingClub disclosed in a regulatory filing that its relationship with SVB on Friday was limited to $21 million of funds on deposit. LendingClub said the amount “is not material to the company’s liquidity position or capital levels and does not pose a risk to … ongoing business or operations.”

Other companies outside of the financial services industry have also been impacted.

Unity Software, a San Francisco technology company, said that less than 5% of its cash and cash equivalents were with SVB, not including any FDIC-insured amount. Unity said it expects “minimal impact” on its operations.

Wrapbook, a startup that processes payroll for TV and movie productions, said it will postpone payments to entertainment industry employees because a percentage of its cash was at SVB. Roku disclosed that more than a quarter of its cash was at the bank, though it has enough liquid assets to operate for at least another year.

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