20VC: SVB: What Happened? What Happens Now? Will Depositors Have Deposits Guaranteed? How Long Will It Take? Will There Be a Buyer? Who is the Most Likely Buyer? What is the Best and Worst Outcome?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 12 March 2023
⏱️ 37 minutes
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Summary
Jackie Reses is the CEO of Lead Bank and previous Exec Chair of Square Financial Services and Head of Lending and Banking. One of only people to have started a bank as a de no; Only tech company to get approved for a de novo. Chair Economic Advisory Council of SF Federal Reserve.
Kris Dickson is the CFO of Lead Bank and previously the CAO / CFO of post-BK Lehman Brothers parent co-estate for 10 years. Lehman Holdco estate has liquidated and distributed $129 billion to unsecured creditors through the end of 2022.
In Today's Episode on SVB We Discuss:
What Happened?
- How and why did SVB fail so fast?
- Was it the result of systemic problems or a series of management mistakes?
- What role did VCs play in the downfall of SVB?
- What role did social media and online banking play in the failing of SVB?
What Now?
- What happens now?
- Will depositors have their deposits guaranteed?
- Will there be a buyer for SVB? Who is the most likely?
- Should founders be worried about moving their money to neo-banks?
- Should founders in any circumstances transfer money to their personal accounts?
- What is the best and worst outcome?
Transcript
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| 0:00.0 | Harry, let me be crystal clear. I believe that there will be a buyer or buyers for the assets |
| 0:04.9 | and that 100% of the deposit base will be assumed and it'll be announced before tomorrow |
| 0:11.6 | morning when the market opens. Based on the prior behavior of the FDIC, listening to Chair |
| 0:16.7 | Yellen and understanding the quality and financial profile of the deposit base, I think we should |
| 0:21.8 | see this resolve itself pretty quickly tomorrow. So I'm going to keep this very short. I wanted this |
| 0:26.3 | to be a resource for the community to understand what happened with SVB, what's to do from here |
| 0:31.3 | and the subsequent next steps. I wanted two of the best in the business to join me for this show. |
| 0:36.0 | So I'm thrilled to welcome Jackie |
| 0:37.6 | Rees's, CEO of Leadbank and previous exec chair of Square Financial Services and head of lending |
| 0:43.2 | in banking. Joining Jackie is Chris Dixon, CFO of Lead Bank and previously the CAO and CFO of |
| 0:49.7 | post-bankruptcy Lehman Brothers parent co-estate for 10 years. Lehman-Holk Co-Estate has liquidated |
| 0:55.5 | and distributed $129 billion to unsecured creditors through the end of 2022. I really appreciate |
| 1:02.0 | these two joining me at such short notice. We're going to dive straight in now. |
| 1:05.6 | 3.3.1.0. You have now arrived at your destination. |
| 1:13.6 | Now I want to start with a little bit of context just on each of you in your role and position within the industry. |
| 1:19.6 | So Jackie, we're going to start with you. How are you so relevant and well placed to speak on the current situation and the situation with SVB? |
| 1:25.6 | I currently am the chairman and CEO of LeadB. |
| 1:30.2 | We are a community bank in Kansas City that also provides infrastructure to the fintech industry. |
| 1:37.2 | And so we work in depth with a lot of venture firms and companies in Silicon Valley to help build their products. |
| 1:45.4 | I also have been the chairman of the Economic Development Council of the Federal Reserve in San Francisco. I was on that |
| 1:52.4 | council for eight years. Before that, I've worked in financial services for 30 years in all different |
| 1:58.1 | kinds of capacities, helping to run a private equity firm, investing, |
... |
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