Flic insurance8/9/2023 ![]() Q: What emerging technologies and trends stick out to you and how will they impact the way we do business? Technology like blockchain, for example. The following is an excerpt of the Q&A with Caterina Fake The Flickr co-founder and host of podcast Should This Exist? recently shared valuable insights into emerging technologies, how to spot a trend and a fad, and what small businesses can do to steel themselves for change. “If you’re fighting the last war, you're hung up on the last technology and you're a little bit too committed to that old technology, it's hard to move into the future,” she told Vivian Kaye, CEO of Kink圜urlyYaki, a seven-figure international hair-extension business, and host of the new Amex podcast Business Class: Build It Braver. Flickr was native to the internet, not the physical world. ![]() Instead of tying Flickr to old technologies, Fake developed the landmark photo-sharing service on the backbone of the internet itself, fitting the old concept to the new form. ![]() “Like how the horseless carriage is what they first called the car, those were the horseless carriages of the internet,” she said recently in an American Express webinar. Later that month, New York Community Bancorp (NYCB.N) entered into an agreement with the FDIC to buy substantially all deposits and certain loan portfolios, and all 40 of Signature Bank's former branches.įollowing the bank's closure, the FDIC had announced in April the marketing process for the roughly $60-billion loan portfolio retained in receivership from Signature Bank.When Caterina Fake was developing Flickr more than 15 years ago, other image-sharing technologies based their concept on the physical photo album. On March 12, state regulators closed New York-based Signature Bank, marking this year's second high-profile bank collapse sparked by an exodus of depositors seeking higher returns and safer institutions. The 15% discount on the acquired loans provides a cushion to absorb some losses, particularly for capital call loans, or revolving lines of credit, to private equity and venture capital firms, Perito said.Ī unit based in New York and Chicago will manage the capital call loans. "We view this deal and team addition as a fairly low-risk transaction to accelerate CUBI's (Customer Bancorp's) presence in a high-growth" market and it has the potential to improve deposit funding, said Michael Perito, banking analyst at Keefe Bruyette & Woods, in a note. ![]() Loans to the technology and life sciences sector will be combined with Customer Bancorp's technology and venture capital business based in Boston, the bank said. The FDIC did not immediately respond to a request for comment.Ĭustomers Bancorp has also recruited 30 team members from the group that originated these loans, who will help expand the bank's venture capital coverage in major cities including Austin, Boston, Southern California and Chicago. The portfolio belonged to failed lender Signature Bank, which was put under FDIC receivership in March, a source familiar with the matter told Reuters.Ĭustomers Bancorp shares rose on the news to their highest level since early March, and were up 3.3% at $30.23 at midday. regulator Federal Deposit Insurance Corporation (FDIC) at about 85% of the book value. June 16 (Reuters) - Customers Bancorp (CUBI.N) said on Friday it acquired a $631 million venture banking loan portfolio from U.S. ![]()
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