12-Mar-2023 by Adam Sandman Company News
As you likely have heard, the FDIC closed Silicon Valley Bank (SVB) on Friday, March 10th after significant asset outflows from the bank over the last several days. Inflectra does not use SVB for any of its own banking operations and in fact uses Bank of America, N.A. for all its core business banking operations. As one of the largest commercial banks in the United States, we are confident that it will not be affected by the SVB failure. However as a precaution, we shall be ensuring that all of our funds are diversified to be within the FDIC insurance limits per institution.
In addition, we have been checking with our key suppliers and vendors to determine if they are impacted by the SVB collapse and making appropriate arrangements where there have been any impacts.
We will continue to monitor the situation closely, but we are not anticipating any impact on our company, services or our clients at this time.
Please contact us with any questions.
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