Published on 4 Mar 2023 on Benzinga via Yahoo Finance

Latch Discloses $3.1M Exposure To SVB Financial

Latch, Inc (NASDAQ: LTCH) disclosed deposits with SVB Financial Group (NASDAQ: SIVB) of approximately $3.1 million, representing less than 2% of the company's total cash and equivalents as of March 8.Latch believes the FDIC has insured a portion of the deposits.Latch's cash and cash equivalents and current and non-current available-for-sale securities as of March 8 were approximately $215.4 million.Today the U.K. government has announced that HSBC Holdings, Plc (NYSE: HSBC) acquired Silicon Valley Bank's British arm.The deal comes in the wake of the collapse of Silicon Valley Bank, a subsidiary of SVB Financial Group, on Friday, following which the Federal Deposit Insurance Corp assumed control of the bank.The company also said it has no deposits with Signature Bank  (NASDAQ: SBNY).Also Read: Biden Addresses FDIC Bank Takeovers: 'The Banking System Is Safe'Price Action: LTCH shares traded higher by 21.09% at $0.62 on the last check Monday.