Silicon Valley Bank’s new CEO Tim Mayopoulos reassured clients on Monday that the bank is operating normally, according to a letter obtained by Asian Trade.
Earlier in the day, the U.S. Federal Deposit Insurance Corporation appointed Mayopoulos, the former head of Fannie Mae, as the CEO of the newly established Silicon Valley Bank N.A. The regulator took control of SVB after its collapse, which resulted in stock market turmoil and raised concerns about a global financial contagion.
The regulator transferred all deposits from Silicon Valley Bank to the newly created bridge bank, and depositors were given access to their funds from Monday morning.
Mayopoulos told clients in the letter that the bank would provide more information as soon as possible. He also expressed his eagerness to meet and become acquainted with Silicon Valley Bank clients, and pointed out his experience in such situations. Mayopoulos had been part of the new leadership team that joined Fannie Mae in the aftermath of the 2008-09 financial crisis and served as Fannie Mae’s CEO from 2012 to 2018.