We recognize that, regardless of your status with Silicon Valley Bank, this past weekend may seem like the beginning of challenging times ahead. However, the federal regulators and Treasury are working to ensure individuals and businesses affected by the Silicon Valley Bank (SVB) receive access to their funds and we hope their actions will help address some of these concerns.
- The Treasury approved policy actions that will “enabl[e] the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
- Customers with accounts can contact the FDIC toll–free at 1-866-799-0959 for more information. The main office and all branches of SVB will reopen on Monday, March 13.
- Federal Reserve Board announced it will make available additional funding to eligible depository institutions to help assure banks can meet the needs of all their depositors.
From a Maryland perspective, TEDCO is writing to those with funding and financing associated with the SVB to provide a list of resources that may assist you in navigating through these challenges. Further, TEDCO is working closely with the Maryland innovation ecosystem and the businesses and individuals we serve to help support them during this time. TEDCO serves as a source of strength and support for Maryland’s life science and tech start-ups. We stand ready to continue to serve Maryland’s innovators. Below is a list of educational resources to help you navigate these challenges.
- FAQ: Silicon Valley Bank: Information about Silicon Valley Bank’s closure and what comes next
- FAQ: Signature Bank: Information on Signature Bank’s closure and what happens next
- FDIC FSC Fact Sheet on Silicon Valley Bank Failure: Learn more about what happened, and what you can do to support your finances during this time.
- UpSurge Resource Collection: a collection of information and resources to assist
- Bank Term Funding Program: a program created after SVB’s closure seeking to offer additional funding to assist financial institutions in their efforts to assist those affected.
- SVB: Chronology of Actions Taken by Regulators and Treasury
- Background on the Federal Reserve’s Section 13(3) Facilities
- FAQs on the FDIC and its Systemic Risk Exemption Authority
- SVB: A Guide for Ecosystem Builders: brief guide to assist ecosystem builders through the challenge these closures may cause
Financial Institutions Offering Support
If you are experiencing or expect to experience a financial hardship or cashflow issue, contacting your lender/financial institution is a critical first step. Financial institutions worked one-on-one with customers to find the best solutions for their specific needs before the SVB closure and they continue to do so. The Maryland banking industry is positioned to help individuals and businesses with their specific needs. Below is a short list of financial institutions that provide business client products and services that may be of assistance to SVB impacted clients. Click here for a full list of the Maryland Bankers Association member banks.
- Truist: Contact Eric Rosenberg at Eric.Rosenberg@truist.com
- Fulton Bank: Contact Bret Schreiber at firstname.lastname@example.org
- PNC: Contact Barry Cronin at email@example.com
- Merrill Lynch Wealth Management: Contact Moe Elhag at firstname.lastname@example.org
- Bank of America: Contact Chi Eze at email@example.com
- Harbor Bank: Contact John Lewis at JLewis@theharborbank.com
- Industrial Bank: Contact Leonard Clark at LClark@industrial-bank.com or Thomas Mclaurin at TMclaurin@industrial-bank.com
- M&T Bank: Contact John Roberts at Jtroberts@mtb.com
- The Peoples Bank: Contact Scott Sturgill at SSturgill@pbkc.com
- Sandy Spring Bank: contact Noha Galal at firstname.lastname@example.org
- WesBanco: contact Anthony (Tony) McBarnette at email@example.com
The resources above include tools to assist you through these difficult times and financial institutions who have agreed to do what they can and lend their support; please note that there are no guarantees. Additionally, while we will continue to help provide insight into what other world class programs are providing, it is up to you and your organization to choose which path is best for you.
What we really want to say here is – keep being innovative, keep being entrepreneurial, keep doing what you do for Maryland.
These potential resources are presented as a courtesy to help you navigate the various banking and related services that may be available to Maryland entrepreneurs, but please note that TEDCO does not intend hereby to recommend or endorse any business or individual for any purpose.
Furthermore, please note that TEDCO cannot guarantee eligibility or success in applying to or using a bank or other lender or investor’s resources. Each such entity will determine your eligibility when you apply.