Newly appointed Silicon Valley Bridge Bank CEO Tim Mayopoulos asked customers to return some their funds into the bank.
“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,” he wrote.
Mayopoulous replaced former CEO Greg Becker on Monday following the bank’s collapse that triggered widespread concerns about how the tumult could spread to other regional banks. Customers rushed to yank their money out of the bank after Becker and his team revealed a bid to raise $2.25 billion in capital as well as $21 billion in asset sales last week, sparking anger among employees and helping pave the way for SVB’s downfall.
The CEO also reassured customers that dispositors have access to their funds and that all deposits are protected by the FDIC, echoing his message from the day before. “
We recognize the past few days have been an extremely challenging time, and we are grateful for your patience,” he wrote.
Some context: The FDIC created the SVB bridge bank to handle customers’ transferred deposits and banking services.
This article was originally published by CNN.
