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

Somerset Savings Bank in Bound Brook, N.J., plans to raise up to $111 million as part of its plans to convert from a mutual to a fully-stock owned company. The $649.5 million-asset bank disclosed in a regulatory filing that SR Bancorp, a newly formed holding company, plans to sell 8.5 million to 11.5 million shares of stock. The offering should net proceeds of $81.7 million to $111.4 million, though it

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

Several banks have issued statements showing their overall financial health and sources of liquidity in the wake of two high-profile bank failures in recent days. Western Alliance Bancorp. in Phoenix, which had recently touted its financial stability, announced additional steps it had taken to improve its position. The company said in a statement that it increased its borrowing capacity, adding that its cash reserves exceed $25 billion and are growing.

SVB Financial in Santa Clara, Calif., is exploring strategic options for its businesses that were not seized by regulators on Friday. SVB said in a press release that its board had formed a restructuring committee consisting of five independent directors to review options for the holding company and units SVB Capital and SVB Securities. SVB Capital is a venture capital and private credit fund platform, while SVB Securities is an

What a topsy-turvy week. In a matter of days, Silvergate shut down its crypto exchange network, then announced it would liquidate its bank. Regulators closed Silicon Valley Bank less than two days after the bank sold a large chunk of securities at a substantial loss to offset a steep drop in deposits. Next came Signature Bank and regulators’ assurances that they will do what they can to prevent contagion. Let's talk about confidence and

HSBC Holdings has bought Silicon Valley Bank UK for just over a dollar. HSBC said in a press release that SVB UK had about $6.7 billion of loans and $8.1 billion of deposits on March 10. The company said that the final calculation of the gain arising from the acquisition “will be provided in due course.” “This acquisition makes excellent strategic sense for our business in the UK,” Noel Quinn,

First Republic Bank in San Francisco said it has improved it financial position with help from the Federal Reserve and JPMorgan Chase. The bank said in a press release that it had received additional borrowing capacity from the Fed and added financing from JPMorgan Chase. In addition to continued access to funding through the Federal Home Loan Bank, the bank said it has more than $70 billion of total available,