Roku had $487 million in deposits with fed-seized Silicon Valley Bank

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On Friday, federal regulators seized the Silicon Valley Bank (SVB) following a run on the bank, and streaming device company Roku said that 26 percent of its cash and equivalents, approximately $487 million, had been deposited with the bank with the Federal Deposit Insurance Corporation (FDIC) only guaranteeing insurance on deposits up to $250,000.

According to the New York Post, in a regulatory filing, Roku claimed its “deposits with SVB were largely uninsured, sending its shares down 10 percent in extended trading.”

On Friday, following the news that the Federal Deposit Insurance Corporation (FDIC) seized SVB, a significant banking institution for venture-backed companies, about a dozen investors showed up at the bank to withdraw money.

SVB called the cops on those who arrived at their Park Avenue branch location.

On Wednesday, SVB announced they were looking to raise over $2 billion in capital due to a $1.8 billion loss on asset sales and the run occurred soon after.

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