Wrapbook, Hollywood Production Payroll Company, Among Those Hit By Silicon Valley Bank Collapse
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deadline.comHollywood production payroll company Wrapbook is among those affected by this week’s collapse of Silicon Valley Bank (SVB), which has now been taken over by the Federal Deposit Insurance Corporation.
SVB, the 16th-largest bank in the US, was a financial hub for technology companies and venture capital, but also had several Hollywood companies as clients, notably Roku.
The SVB failure is the second-largest in US history, trailing only Washington Mutual, which was ended in the 2008 recession.
The FDIC insures deposits up to $250,000. But SVB had many clients with millions stored in its accounts, leaving open the question of whether those funds are now lost.
Read more on deadline.com
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