Silicon Valley Bank ‘conducting business as usual,’ new CEO says
The FDIC transferred all deposits of the defunct bank’s parent company SVB Financial Group to Silicon Valley Bank N.A.
Mayopoulos, who succeeded former CEO Greg Becker, sent clients a lengthy email Monday to say that the bank was open and operating normally, according to Reuters., the former head of Fannie Mae.Getty Images Mayopoulos explained that the FDIC has “transferred all deposits and substantially all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank.”“I come to this role with humility. I also come to this role with experience in these kinds of situations.
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