On Monday, SVB’s new CEO, Tim Mayopoulos, reassured bank customers that the bank was open for business and operating normally. This comes after the US Treasury announced that all SVB clients had access to their deposits starting on Monday, March 13th.
Mayopoulos was appointed as the new CEO of Silicon Valley Bank N.A. (SVB N.A.) by the Federal Deposit Insurance Corporation (FDIC) after a US government agency took control of SVB and caused market anxiety around the world.
All SVB deposits have been migrated to SVB N.A. by federal regulatory authorities, and all depositors have been notified that they can access their deposits as early as Monday, March 13th.
Mayopoulos stated in a letter to clients that he is looking forward to getting to know all of SVB’s customers, as he has experienced similar situations in the past. He was the CEO of Fannie Mae during the 2008-09 global financial crisis and worked with the new management team, who also worked with Fannie Mae during that time.
Mayopoulos also stated that he will keep customers informed as more information becomes available.
On Friday, March 10th, the US government announced the closure of SVB and assigned the FDIC to take custody of SVB’s deposits to protect the interests of depositors.
SVB’s new CEO’s announcement is a welcome relief for its customers, who can now access their deposits and conduct business as usual.