“We had all of our money at Silicon Valley Bank. They were our full banking partners,” said Ellen DaSilva, CEO and founder of Summer Health, a text-based pediatric care provider. “When I started the company, I would say all of the people in my life also banked with SVB.”
The popular bank for digital health companies and venture capital firms was taken over by the Federal Deposit Insurance Corp. on Friday after a run by depositors. On Sunday, the Treasury Department, Federal Reserve and FDIC said the government would fully protect all depositors from Silicon Valley Bank. On Monday, the FDIC transferred all assets from Silicon Valley Bank to a bridge bank, Silicon Valley Bank, N.A.