Andreessen Horowitz, one of Silicon Valley's largest and most prestigious venture capital firms, told its investors today that it will continue banking with Silicon Valley Bank "for the foreseeable future" but is crafting a longer-term plan to diversify. The note was sent today and viewed by Insider.

"We have been working closely with the new leadership at SVB (alongside our existing relationship managers) and are pleased to report that the bank is now fully operational," Andreessen Horowitz, commonly referred to as a16z, wrote. "Thus, we are going to continue our current operations at SVB - including re-issuing capital calls to LPs - for the foreseeable future until we are fully operational at another financial institution."