Message from MassMEDIC President, Brian Johnson
March 13, 2023
We applaud the quick and decisive action by the U.S. Treasury Department, the FDIC and the President of the United States to protect the depositors of Silicon Valley Bank and Signature Bank. This action was necessary to protect the integrity of the United States banking system. We simply cannot allow the sanctity of bank deposits to be a question in our country. It is a fundamental, core tenant of the American way, that your money must be safe in a bank.
Our life sciences industry, and many of our members, relied on Silicon Valley Bank as a bank, as a partner, a lender and a member of their community. There will be some pain felt throughout the system, as the ecosystem disentangles itself from SVB, and we must make sure to stay vigilant about the impact and help fill the holes that arise.
This weekend showed us yet again the resilience and fortitude of the life sciences ecosystem in New England. MassMEDIC, in its duty to our ecosystem, will continue to monitor this situation closely. We have much yet to learn here about what happened, why it happened, and how to make sure it does not happen again. Please keep us informed of anything you hear about with regards to this evolving situation.
March 12, 2023
We know that many of our members have been impacted by the closure of Silicon Valley Bank on Friday. This news is no doubt causing uncertainty in your organization.
Since Friday, MassMEDIC has taken sustained, aggressive action to ensure our members and the needs of the industry are represented at both the state and federal levels. Along with members of our Executive committee, I have been in constant contact with public officials to ensure they understand the immediate financial impacts to our member companies and implications for our industry. We are also working collaboratively with fellow industry groups, communicating a unified message to secure broader support for those impacted.
This situation is dynamic and evolving. As we have more specific direction on how you can take action, we will share it with you. Until then, please know we are tirelessly working on your behalf.
If you have any immediate questions or would like to talk about what this means for your organization, please contact me directly at email@example.com.
Thank you for your support.