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- Union Square Ventures warned portfolio companies in November to diversify their bank deposits.
- The warning, which has not been previously reported, never specifically mentioned SVB.
- But it came after a senior partner became alarmed after reading SVB's financial statements.
When a senior Union Square Ventures partner was studying Silicon Valley Bank's financial statements last November he became so alarmed by the bank's financial condition that he issued an urgent plea to his partners: Alert every one of the firm's portfolio companies to diversify their bank deposits and not be concentrated in any one institution.