Lantronix Has Deposits of $6.7 Million at Silicon Valley Bank
March 13 2023 - 11:04AM
Dow Jones News
By Chris Wack
Lantronix Inc. said Monday that as of Friday, it had deposits of
$6.7 million with Silicon Valley Bank, which was closed by the
California Department of Financial Protection and Innovation, which
appointed the U.S. Federal Deposit Insurance Corp. as receiver.
On Sunday, the Treasury, the Federal Reserve and the FDIC
announced that all deposits held at SVB would be safeguarded in a
manner fully protecting all depositors.
Lantronix said in a filing to the U.S. Securities and Exchange
Commission that the $6.7 million at SVB represents 85% of its total
outstanding deposits.
The company believes it will again have access to these funds as
of Monday.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 13, 2023 10:49 ET (14:49 GMT)
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