Advertisement Newshubb
Advertisement
  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact
No Result
View All Result
  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact
No Result
View All Result
Advertisement Newshubb
No Result
View All Result

Triangle companies feel effects of bank collapses


Companies and investors in the Triangle are feeling the effects of two back-to-back bank failures.

Durham-based financial institution SJF Ventures managing director Dave Kirkpatrick said 10 of the 50 companies he works with had money in Silicon Valley Bank. Kirkpatrick said shey were locked out of their accounts when the California-based bank collapsed.

“We have companies that had payroll due this week, had payables due, etc.,” Kirkpatrick said.

SJF Ventures helps start-up companies get money for their mission.

“We invest in solar, efficiency, health, and education,” Kirkpatrick said.

On Friday, U.S. regulators closed the Silicon Valley Bank after depositors rushed to withdraw their funds all at once. It was the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.

Kirkpatrick said there’s a sense of relief after the federal government has stepped in to guarantee the bank’s customers will have access to all their money.

“There were a lot of companies that would have possibly gone out of business if this action had not occurred,” Kirkpatrick said. “So, we’re delighted with it and just want stability in the banking system so we can all do our jobs.”

The collapse of SVB and New York-based Signature Bank raises concern about that stability.

Mark Yusko leads Morgan Creek Capital Management in Chapel Hill as the company’s CEO.

“This is really just a crisis of confidence,” Yukso said. “So, for people with money in local banks – the big local banks we all know and love like Bank of America and Truist and Wells Fargo – they’re in great shape.”

Anyone with $250,000 or less in the bank is insured by the Federal Deposit Insurance Corporation.

University of North Carolina at Chapel Hill Kenan Institute Chief Economist Gerald Cohen said the risk of a repeat of the 2008 financial crisis is extremely low.

“I’m not running to the bank,” Cohen said. “I would not be running to the bank. I would just say this is really an isolated event.”

The Federal Reserve has created a new Bank Term Funding Program. It is expected to help banks and credit unions guarantee they’ll have the money to cover all deposits in case there are any more bank runs.



Source link

Tags: bankeconomymoney
Previous Post

Year after merging, Richmond tech firm and engineering giant Jacobs combine offices in Scott’s Addition

Next Post

Scope Launches New Scope Squeez

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

FCC Asks Administrative Law Judge to Rule on Aspects of Tegna Deal

February 25, 2023

How to Run a Successful Pride Month Marketing Campaign

June 20, 2023

DSS releases it’s social media accounts

March 7, 2023

Trending News

Pharmaceutical Equipment Maintenance Services Market Size

October 3, 2023

Meet Nigerian British YouTuber ranked No 2 creator worldwide

October 3, 2023

HCVC is back with a new $75 million deep tech fund

October 3, 2023

Meta Launches Verification for Businesses in New Zealand

October 3, 2023

Senate Re-Ups FCC Commissioners Carr and Starks for Another Term

October 3, 2023

There is a new definition for MFAs, but it’s meant to be open to interpretation

October 3, 2023

© Advertising News Hubb  All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact

© 2022 Advertising News Hubb All rights reserved.