September 21, 2001
To our clients and partners,
As we at Silicon Valley Bank return to our daily lives during this difficult time, we share the sorrow felt by so many.
We acknowledge that the immediate tragedy was painful to all of America.
Fortunately, our core operating business was not affected, enabling us to remain open and assist our clients.
Empathetic to the liquidity needs of clients during the financial markets' closure we:
- Met all client liquidity needs
- Prepared to meet additional client liquidity needs in the event of extended market closure
- Extended grace periods for loan payments to some clients, while to others we offered short-term loans of up to $600,000.
We introduced two timely financial offerings to support immediate needs.
- A very Limited Fixed Income Security product through our Client Investment (IPS) group.
- Supplemental Investment Deposit Account that required no minimum deposit, offered at an interest rate of 3.73 percent, and was FDIC insured up to $100,000.
Our clients' needs for help were immediate, and we were committed to assist them throughout this national crisis. And, as always, we stand strong, capable and ready to support our clients in the future, even during the most challenging times.
We are glad to offer assistance while you assess and respond to the impact of these recent events on your business. Please call your relationship manager if you have any concerns about specific financial needs.
Kenneth P. Wilcox
President and CEO
Silicon Valley Bank