Q2 Holdings says less than $5,000 in cash held at SVB, no deposits at Signature

In a regulatory filing, Q2 Holdings (QTWO) informs its investors that Q2 maintains less than $5,000 in cash deposits at Silicon Valley Bank (SIVB) and holds no securities at Silicon Valley Bank. Q2 maintains no cash deposits and holds no securities at Signature Bank (SBNY). "While, Silicon Valley Bank is a customer of Q2, total revenue from Silicon Valley Bank recognized for the year ended December 31, 2022 represented less than one half of one percent of Q2’s total revenue for the year. Signature Bank is not a Q2 customer. Q2 is actively monitoring the financial services and broader markets and assessing the impacts that events may have on Q2’s customers, third-party relationships and operations. Q2 has a diversified customer base with no individual customer representing more than 4% of total revenue, and Q2’s top 20 customers collectively accounting for less than 25% of its total revenue, each for the year ended December 31, 2022," the company added in its filings.