In the wake of the collapse of tech startup financial favorite Silicon Valley Bank, the U.S. Secretary of the Treasury, Janet Yellen, joined Federal Reserve Board Chair Jerome Powell and FDIC Chairman Martin Gruenberg on Sunday (3/13) in issuing a statement confirming that they are taking “decisive actions” to protect the U.S. economy by safeguarding all SVB depositors.
It could be a salvation of sorts for Roku, which has hundreds of millions of dollars in uninsured deposits at SVB.
That said, a second bank, located in New York, has been closed by state regulators and placed under FDIC authority. And, like with SVB, all depositors of this institution “will be made whole.”
It’s a financial institution HC2 Holdings did business with under the leadership of former CEO Philip Falcone.
