Silicon Valley Financial institution signed exclusive banking promotions with some consumers

A delivery human being drops off pizzas at Silicon Valley Financial institutions headquarters in Santa Clara, California on March 10, 2023.

Noah Berger | AFP | Getty Pictures

Silicon Valley Bank had exclusivity clauses with some of its clients, limiting their capability to faucet banking solutions from other institutions, SEC filings exhibit.

The contracts, which created it not possible for people clientele to properly diversify the place they retained their funds, various in language and scope. CNBC has reviewed 6 agreements that corporations signed with SVB with regards to financing or credit rating remedies. All necessary the corporations to open or keep financial institution accounts with SVB and use the company for all or most of their banking companies.

Those people arrangements are especially problematic now that SVB has been seized by federal regulators right after last week’s run on the lender. The Federal Deposit Insurance policies Corporation only insures up to $250,000 in deposits for each individual client, leaving SVB’s shopper foundation, which is heavily concentrated in tech startups, fearful that thousands and thousands of bucks in working cash would be locked up for an indefinite interval of time.

Banking regulators devised a prepare Sunday to backstop depositors with

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Just one disadvantage to living on a farm is that unless the farm is within quick driving length of a big centre — and most aren’t — it can be tough to access put up-secondary education and farm at the similar time.

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