SVB’s Stranded Deposits Spread the Pain From Tech to Napa Valley
- Roku and Rocket Lab are among bank clients cut off from funds
- Depositors need ‘more clarity,’ California congresswoman says
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The ripple effects of one of the biggest US bank runs in over a decade are reaching a wide variety of businesses, as companies from startups to vineyard owners raise alarms.
Silicon Valley Bank, once a darling of the California financial system, fell swiftly on Friday, a day after investors and depositors tried to make $42 billion in withdrawals. Roku Inc., LendingClub Corp. and Eiger BioPharmaceuticals Inc. were among dozens of companies that revealed they have deposits stuck at the bank.