Over the weekend, Alto reached out to customers to reassure them of their long-term strength but also to ask for their support to improve their liquidity position in the short term.
- 25% savings on annual membership fees
SVB had become the go-to bank for tech startups. But last Wednesday, it announced it had sold a bunch of securities at a loss and would also dump more than $2 billion in new shares. That set venture capitalists on high alert and the bank's stock went into freefall before the California regulators had to step in, shutting the bank down and placing it in receivership under the federal deposit insurance corporation.
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