Conducting business as usual: New SVB CEO
Mayopoulos said that new deposits, as well as existing ones, are protected by the FDIC in the new bank called Silicon Valley Bank
image for illustrative purpose
San Francisco: Tim Mayopoulos, the new CEO of collapsed Silicon Valley Bank (SVB), has sent an email to clients, saying the bank is conducting business as usual. Mayopoulos, who joined the bank as CEO on Monday, said that new deposits, as well as existing ones, are protected by the Federal Deposit Insurance Corporation (FDIC) in the new bank called Silicon Valley Bank, N.A. "Silicon Valley Bank, N.A. is open and conducting business as usual," said the email, accessed by TechCrunch.
"We look to restore your confidence and support you and your companies at this time. The FDIC's latest statement confirmed SVB's new track, adding that senior management has been removed from the bank," the email read.
Mayopoulous was part of the leadership suite at mortgage financing company Fannie Mae during the 2008 economic crisis. Recently, he was the president of Blend, which brings software to the consumer banking industry. The SVB collapse, along with Signature Bank and Silvergate Capital, is the worst financial crisis to hit the US since the failure of the Washington Mutual Fund in 2008 during the start of the US financial meltdown.
