Etsy sellers impacted by collapse of Silicon Valley Bank - reports

Mar. 12, 2023 11:04 AM ETEtsy, Inc. (ETSY), SIVBBy: Joshua Fineman, SA News Editor21 Comments

Etsy (NASDAQ:ETSY) sellers were warned on Friday that their payments will be delayed due to the collapse of Silicon Valley Bank (NASDAQ:SIVB).
The collapse of the bank is causing processing of payments to be delayed as the do-it-yourself goods firm used SVB Financial to facilitate disbursement to some sellers on Saturday, according to media reports.
“We wanted to let you know that there is a delay with your deposit that was scheduled for today,” according to an email from Etsy that CNBC obtained.
Silicon Valley Bank, the California bank subsidiary of SVB Financial Group (SIVB), was closed on Friday by the Federal Deposit Insurance Corp., marking the first FDIC-insured institution to fail this year and the biggest bank failure since the 2008 financial crisis.
Etsy fell 4.8% on Thursday amid a double downgrade from Jefferies, partly citing a large valuation premium on Etsy (ETSY) in c omparison to e-commerce peers.