Tim Mayopoulos, former president and CEO of Fannie Mae, was named CEO of the bridge bank tied to Friday’s failure of Silicon Valley Bank.
The Federal Deposit Insurance Corp. said in a press release that Mayopoulos, who once was general counsel at Bank of America, will oversee the newly formed Silicon Valley Bridge Bank NA.
Mayopoulos most recently was president of Blend Labs.
The announcement comes days after regulators closed the $209 billion-asset bank.
Regulators closed Signature Bank in New York on Sunday, naming Greg Carmichael, former president and CEO of Fifth Third Bancorp, as CEO of the Signature Bridge Bank.