Tegan Passalacqua of Sandlands Vineyards in Napa found out about Silicon Valley Bank's failure from his boss, who “called me and said, ‘I hope you don’t have any money in Silicon Valley Bank.'' 'I was like, ‘I’ve got all my money in Silicon Valley Bank.’”
The failure of one of the tech industry’s central institutions could leave countless companies unable to pay their employees in the coming weeks.but there were still hiccups.
Watson said the sudden collapse of Silicon Valley Bank, which serviced more than half of all venture-backed tech startups in the country, had left founders “rethinking how we approach banking.” A First Republic branch in Studio City was filled Monday with customers. One said he had arrived at 9:30 a.m. to withdraw $340,000 and wire it to Bank of America.
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