Silicon Valley Bank Closure Rattles California, Massachusetts Nonprofits

SVB had committed to spend $11 billion through 2026 supporting underserved communities

Silicon Valley Bank customers waited in line outside branches after the FDIC said depositors would be able to access their accounts Monday morning through a newly-created bridge bank. SVB collapsed late last week, in the second-biggest bank failure in U.S. history. Photo: Brittany Hosea-Small/Reuters

Startup founders and venture capitalists weren’t the only ones cheering regulators’ decision to backstop all deposits after the swift collapse of Silicon Valley Bank.

Nonprofits were also among the tens of thousands of clients that kept cash at the bank and wondered if they could make payroll if there were a delay in accessing their accounts.

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