PORTLAND, Ore. (KOIN) — Silicon Valley Bank was the go-to financial institution for growing startup companies across the country, including Slumberkins in Vancouver.
Slumberkins is an educational brand that encourages emotional growth through its TV show, stuffed creatures and stories. They had the majority of their cash reserves at SVB.
Co-founders Callie Christensen and Kelly Oriard told KOIN 6 News they are expecting to receive part of their money back on Monday. But in the meantime they are thankful for the support of the community.
“Truly the relationship we have with our customers and our community through social media and our email newsletter list is truly what has come to support the brand in this moment,” Christensen said.
“Callie and I are writing everybody back and crying along the way saying thank you so much,” Oriard said. “It’s so touching.”
The only money they will likely receive is the portion covered by FDIC insurance. Christensen said the rest is up in the air.
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly.