It’s been a challenging 72 hours for entrepreneurs in the Silicon Valley ecosystem. SVB has been a trusted and long-time partner to the venture capital industry and founders. While the regulators work through next steps for SVB, our team at Piermont Bank stand ready to support SVB colleagues and clients in any way we can.
As a bank built by bankers who have supported entrepreneurs over the last 30 years, we understand and sympathize with the challenges that impacted companies are experiencing. Our team has been working 24/7 since Wednesday to support impacted companies and help navigate the situation. Every client has a direct line of communication to me and to our Chief Banking & Innovation Officer, Rodrigo Suarez. We will work with our clients through this demanding time. We are fully staffed through the weekend to assist, including with account opening efforts.
For companies looking for either an interim or permanent banking partner, please keep in mind you should consider banks with a minimum of 10% capital ratio (10% is what regulators consider ‘well-capitalized’). Piermont has a 20.86% capital ratio, ample liquidity and a diversified portfolio to support existing and new customers.
We have set up a dedicated email for this effort, please contact us at innovation@piermontbank.com.
Lastly, just a personal note about Silicon Valley Bank, I have worked directly and indirectly with many talented people at SVB in the last three decades. Including when I launched my first venture-backed start-up in 1997. I know they’ve been great partners to many entrepreneurs. So to colleagues and friends at SVB and their clients, hang in there, we will work through this together.
Very Best,
Wendy Cai-Lee