According to a letter that was reviewed by Reuters, Silicon Valley Bank’s new head Tim Mayopoulos informed customers on Monday that the financial institution is still operating normally and is available for business.
Earlier in the day, the U.S. Federal Deposit Insurance Corporation appointed former Fannie Mae boss Mayopoulos as CEO of the newly founded Silicon Valley Bank N.A., after the regulator took control of SVB following its collapse, which crushed equities and sparked fears of a worldwide market contagion.
The regulator moved all Silicon Valley Bank deposits to the newly established bridge bank and announced that all depositors will have access to their funds on Monday morning.
Mayopoulos stated in his letter to clients that the bank will give further information as soon as it becomes available.
“I look forward to getting to know Silicon Valley Bank’s clients…
In addition, I have prior experience with similar circumstances. I was a member of the new leadership team that joined Fannie Mae in the aftermath of the 2008-2009 financial crisis, and I served as Fannie Mae’s chief executive officer from 2012 to 2018,” Mayopoulos wrote in the letter.
