Banking Partners

Did Prime Trust's customers have exposure to Silvergate?

No. Silvergate was not a banking partner of Prime Trust.

Did Prime Trust’s customers have exposure to Silicon Valley Bank or Signature Bank?

Silicon Valley Bank was one of the banking partners we used for our escrow business and Signature Bank was one of the banks we used for our Trust and Custody business.

With the news Sunday night (Release A and Release B) that the FDIC intends to provide access to all deposits regardless of size, we anticipate minimal to no disruption in our customers’ ability to access their funds.

We are in the process of transitioning away from Signature Bank and Silicon Valley Bank and we expect to complete this transition quickly.

Did Prime Trust have corporate exposure to Silicon Valley Bank, Signature Bank, or Silvergate?

Prime Trust had no exposure to Silvergate.

Prime Trust’s corporate exposure to Silicon Valley Bank and Signature Bank is limited.  Regardless of the Fed’s interventions, we would have continued operations.

Prime Trust talks a lot about redundancy in banking partners. Which banks does Prime Trust use?

Prime Trust uses a network of banks in order to safeguard customers’ funds. This includes Cross River Bank, MVB, BMO Harris Bank, Lexicon and Signature Bank. We only used Silicon Valley Bank for our escrow business.

We are in the process of transitioning away from Signature Bank and Silicon Valley Bank and we expect to complete this transition quickly.

Where are customer USD funds held?

Customer USD funds are spread out across our multiple banking partners. This strategy allows us to protect against disruptions from any single point of failure.

How is Prime Trust future proofing itself from this situation?

Prime Trust has multiple banking, liquidity, and compliance partners built into its platform.  This helps to protect our infrastructure from single points of failure. We are always looking to further expand these relationships and strengthen our platform’s resiliency and redundancy.

What happens in the event of bankruptcy?

For information on bankruptcy, please refer to our FAQ.

Is Prime Trust FDIC insured?

For information on FDIC insurance, please refer to our FAQ.