Some VC firms have started moving money back into Silicon Valley Bank, marking the latest turn in the bank's wild week
"Silicon Valley Bank has been a trusted and long-time partner to the venture capital industry and our founders," according to athat has been signed by 678 VC firms as of Thursday. The firms said they would be"strongly supportive" and encourage portfolio companies to resume banking relationships with the bank if it were to be bought and capitalized.
Even the new CEO of Silicon Valley Bridge Bank is rallying support for the Silicon Valley Bridge Bank, asking customers to help the lender by moving back the money they had withdrawn: "The number one thing you can do to support the future of this institution is to help us rebuild our deposit base, both by leaving deposits with Silicon Valley Bridge Bank and transferring back deposits that left over the last several days," Tim Mayopoulos saidThe support for California-based Silicon Valley Bank is a turnaround from theAt the time, the tech and VC community posted about their anxieties about the bank's financial health on Twitter.
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