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SVB Collapse Hits Hollywood Payroll Firm Wrapbook, Which Says Payments Will Be Delayed by Bank’s Shutdown

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variety.com

Todd Spangler NY Digital Editor In the wake of the sudden collapse of Silicon Valley Bank, Wrapbook, a company that provides payroll services for TV and film productions, said payments submitted through its platform will be subject to delays.

In messages to clients Friday, Wrapbook said payroll-processing delays caused by the failure of SVB — which came after a historic run on the bank’s deposits — may continue into next week.

The shutdown of SVB “will cause payroll to be delayed today, March 10th 2023, and impact the processing of uncashed checks,” Wrapbook said in a statement.

The company said it is working to resume payroll processing with SVB while at the same time seeking to process payroll payments with another banking partner. “A bank failing is an extreme external event.

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