2023-03-12 12:04:49 ET
- Etsy ( NASDAQ: ETSY ) sellers were warned on Friday that their payments will be delayed due to the collapse of Silicon Valley Bank ( NASDAQ: SIVB ).
- The collapse of the bank is causing processing of payments to be delayed as the do-it-yourself goods firm used SVB Financial to facilitate disbursement to some sellers on Saturday, according to media reports.
- “We wanted to let you know that there is a delay with your deposit that was scheduled for today,” according to an email from Etsy that CNBC obtained.
- Silicon Valley Bank, the California bank subsidiary of SVB Financial Group ( SIVB ), was closed on Friday by the Federal Deposit Insurance Corp., marking the first FDIC-insured institution to fail this year and the biggest bank failure since the 2008 financial crisis.
For further details see:
Etsy sellers impacted by collapse of Silicon Valley Bank - reports