Silicon Valley Bank, the bridge bank formed after Friday’s high-profile failure, is “conducting business as usual,” according to its new CEO.
“I look forward to getting to know the clients of Silicon Valley Bank,” Tim Mayopoulos wrote in an email to the bank’s clients. “I come to this role with humility. I also come to this role with experience in these kinds of situations.”
Mayopoulos pointed to his time on the leadership team at Fannie Mae in the wake of the 2008 financial crisis.
His email noted that all existing and new deposits at the bank are protected by the Federal Deposit Insurance Corp.
“I know how important Silicon Valley Bank has been and continues to be to the success of its clients and the innovation ecosystem,” he wrote. “We look to restore your confidence and support you and your companies at this time.”