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)

Copyright (c) 2023 Dow Jones & Company, Inc.
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