Patriot Software, an online payroll and accounting company, announced today that some employee direct deposits were affected by the abrupt Silicon Valley Bank closure.
In this unprecedented event, the FDIC announced Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
After learning of the situation the morning of 3/10/23, Patriot immediately began working on solutions to mitigate the situation for their customers. This included immediate discussions with SVB, other financial institutions, and the FDIC to ensure the security of customer and employee funds.
CEO of Patriot Software Mike Kappel’s reaction to the SVB closure was, “Silicon Valley Bank is/was in the top 20 banks in the USA. Thousands of Americans and businesses, including Patriot Software and our tens-of-thousands of customers, have been affected by SVB’s actions, and it’s not okay! The officers of SVB and senior players within the FDIC must work together immediately, to ensure that every payroll company that relies on SVB can get their customers’ employees paid without further delay.” Kappel also went on to say, “We are also working quickly with other banks to get our customers back on track, asap.”
Patriot Software has communicated with the affected companies through their software and email updates. In an effort of transparency, Patriot will be updating their website with information as it becomes available.
Patriot Software, located in Canton Ohio, provides award-winning online accounting software and online payroll for American businesses. For information on all of Patriot’s products servicing the United States, contact Patriot Software, LLC at 877-968-7147, or visit www.patriotsoftware.com.