The California Department of Financial Protection and Innovation today closed Silicon Valley Bank, which could expose medtech companies with relations to the bank.
According to SVB’s website, half of all U.S. VC-backed tech and life science companies used the Santa Clara, California–based bank.
The FDIC — appointed as receiver in the closing — created the Deposit Insurance National Bank of Santa Clara (DINB). This protects insured depositors, the FDIC said in a news release. At the time of closing, the FDIC immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
Silicon Valley Bank’s reach extends to medtechBTIG analysts issued a list of companies that could be exposed to Silicon Valley Bank. This includes exposure through loan agreements, revolving credit facilities, and more.
The analysts stressed that the list is only based on these companies’ most recent filings. It lacks full additional detail that …