Intellum's Response to the Silicon Valley Bank Failure
On Friday, March 10th, 2023, Silicon Valley Bank failed, and the Federal Deposit Insurance Corporation announced that it would take over the 40-year-old institution, managing the bank’s closure and next steps. Silicon Valley Bank was the 16th largest bank in the United States, and Intellum, like many other technology companies, was a customer.
On Sunday, March 12th, the United States Treasury, Federal Reserve, and FDIC issued a joint statement announcing that the Government had taken measures to ensure that all Silicon Valley Bank customers would have access to all of the money in their Silicon Valley Bank accounts on Monday, March 13th. On Monday, March 13th, Intellum informed customers that we would no longer receive payments at Silicon Valley Bank and provided detailed instructions on how to make payments to our JP Morgan Chase account. Intellum then transferred all funds from Silicon Valley Bank to other banking partners. Intellum remains a viable, profitable, and successful twenty-three-year-old privately-owned business. The Silicon Valley Bank failure has no impact on the stability or continuity of our business. If you need Intellum’s new banking details or require confirmation of these details, please email firstname.lastname@example.org.