Silicon Valley Bank Crisis: Announcing that the bank is open for business, the new CEO of Silicon Valley Bridge Bank has asked for support to help protect the institutions’ future
Days after the Silicon Valley Bank (SVB) crisis erupted in the US banking system, the new Chief Executive Officer (CEO) of Silicon Valley Bridge Bank Tim Mayopoulos has released an official statement. In what is being seen as a cry for help, the new CEO has asked depositors to help the bank, again.
In the official statement, the new CEO of Silicon Valley Bridge Bank has asked depositors to help rebuild its deposit base. Announcing that the bank is open for business, the new CEO has asked for support to help protect the institutions’ future.
The official statement reads, “The number one thing you can do to support the future of this institution is to help us rebuild our deposit base, both by leaving deposits with Silicon Valley Bridge Bank and transferring back deposits that left over the last several days.”
Asserting that the action by Federal Deposit Insurance Corporation (FDIC) has helped in the protection of the bank, the statement goes on to add that the deposits are fully protected and “among the safest of any bank or institution in the country.”
Further clarifying that depositors have full access to their money, the CEO’s official statement asks depositors to consider moving funds back to the bank. It reads, “If you, your portfolio companies, or your firm moved funds within the past week, please consider moving some of them back as part of a secure deposit diversification strategy. We are also open for business for any new customers. We are actively opening new accounts of all sizes and making new loans.”