RADNOR, Pa., March 13, 2023 (GLOBE NEWSWIRE) – Safeguard Scientifics, Inc. (NASDAQ: SFE) (“Safeguard” or the “Company”) is providing the following summary assessment of the initial impact of Silicon Valley Bank’s closing on Friday March 10, 2023 by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver, and the subsequent announcement on March 12, 2023, whereby the FDIC will complete its assessment by Friday, March 15, 2023.
In response to the recent announcement of the closing of the Bank’s closed San Francisco-based Chase Manhattan Bank last week, Safeguard Services has received an update in response to the FDIC’s analysis of the Bank’s closing.