“We’re still here.”
That’s the message SVB Moffett Nathanson, the esteemed Wall Street financial house that has emerged as one of the most influential when it comes to the broadcast media industry, shared early Sunday (3/12), confirming that the placement into FDIC receivership of Silicon Valley Bank on Friday has no direct impact on Craig Moffett, Michael Nathanson or the rest of their colleagues.
In a note to clients, Moffett and Nathanson offered thanks in response to the “outpouring of well wishes and concern over these past few days as the developments at Silicon Valley Bank have dominated the news.”
As RBR+TVBR reported Friday, Silicon Valley Bank was closed on Friday by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
While the bank’s parent, SVB Financial Group, recently acquired MoffettNathanson, the operation is not directly connected to Silicon Valley Bank. And, Moffett and Nathanson emphasized that point in their client letter.
“[W]e want to reassure you that our business continues uninterrupted, and our commitment to delivering the very best research remains unwavering,” they wrote. “[O]ur parent company, SVB Securities Holdings, was and is a separate entity that is not directly impacted by the events at the bank.”
While events continue to “evolve rapidly,” Moffett and Nathanson said they have “every expectation of maintaining business as usual.” This includes maintaining its schedule of all events, conference calls, scheduled meetings, and, most importantly, its May 2023 investor conference, “which we are confident will be our best ever.”
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