Expensive Patriot Device Buyer,
I’m positive you’ve heard the inside track that on Friday 3/10/23 the Sixteenth-largest financial institution in the United States, Silicon Valley Financial institution (SVB), was once close down through California regulators, and it’s now below the regulate of the FDIC.
Up till 3/10/23, SVB was once the financial institution that Patriot Device used for 100% of its actions. This surprising financial institution failure controlled to quickly save you ~8,100 of Patriot’s tens of 1000’s of American consumers from paying their workers for sooner or later – Friday 3/10/23. So such as you, I’m ticked, actually ticked about this banking debacle. However relatively than complaining, right here’s what we’re doing about it:
#1) We wish to get everyone who will have to had been paid on Friday paid immediately. To assist with this, we’ve engaged some out of doors consultants to assist the FDIC temporarily decide that the fitting factor to do is to unfreeze payroll firms like Patriot Device in order that the tens of 1000’s of workers watching for their Friday paycheck will obtain it immediately. After all, I will be able to’t make any guarantees for the FDIC – as opposed to to reiterate what they wrote of their memo connected above, which states “All insured depositors can have complete get entry to to their insured deposits no later than Monday morning, March 13, 2023.”
#2) We’re running with 3 other banks to straight away substitute SVB completely from our global. We’re very constructive that we will be able to get this achieved in 2-3 industry days, which is unbelievably rapid for bankers. So we’re anticipating to regain customary operations this coming week, which means that we watch for that every one Patriot consumers will be capable to safely run their payrolls with direct deposit later this week, with out experiencing additional banking drama.
Finally, I wish to inform you this: I’m so sorry for you, our consumers, your workers, and our complete Patriot group that didn’t obtain paychecks Friday. We will be able to do the whole thing in our energy to keep in touch to you as we be told extra from the FDIC as they start freeing budget from the SVB accounts.
I’ve been in industry for over 40 years, and I do know moments like this are tough for all folks. I began within the basement of a manufacturing facility without a warmth, no air con, flooring that might flood, and no consumers. My handiest guests had been rats, birds, flies, and snakes. I toiled and was once ready to develop that industry into a couple of medium-sized companies, after which in the end directly to Patriot Device as a big industry. So, I do know the varieties of struggles you face, as a result of I’ve confronted them too. Because of this I would like you to understand that this banking screwup isn’t going to forestall Patriot or our American consumers from shifting ahead. It’s just a transient pace bump that may temporarily go. Once more, we can replace you as we be told extra. And I wish to thanks on your endurance, consider, and for sticking with us!
Mike Kappel, CEO of Patriot Device