Atlanta, GA

Atlanta Entrepreneur is Keeping His Money in Silicon Valley Bank Despite Recent Collapse

Kendra M.

James Oliver, an Atlanta tech entrepreneur and founder of the networking app Kabila, is standing firm in his commitment to work with Silicon Valley Bank (SVB) despite its recent collapse. In an effort to nurture growth for his startup, he opened a savings account at SVB back in September and has since deposited substantial funds into it.

**This article is based on information sourced from social media and news websites, cited within the story**

Oliver was interviewed by WSB TV Atlanta to talk about his thoughts as a SVB customer. Despite current difficulties surrounding the bank's operations, Oliver remains confident that working together will continue providing him ample opportunity to secure success for both himself and Kabila going forward.

Oliver was taken aback when he heard that the Santa Clara-based bank, which provides financial services to many of Silicon Valley's leading tech companies and startups, had failed. This serves as a reminder for all businesses in this climate to be especially mindful about their finances.

He did take some measures to try and move a portion of his money to another financial service and tech firm called Brex in San Francisco. But he kept a large portion of his money in SVB over the weekend. On Monday morning, Oliver saw that his money was still secure - but he wasn't yet ready to move everything out of SVB Bank. Instead, he wished for a suitor which could revive the bank and create again new prospects in growth for his business.

After a surge in customer withdrawals totaling $42 billion dollars last week, Oliver has attributed the collapse of his bank to what he refers to as an "unnecessary" and "avoidable" run on funds.


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