Tim Mayopoulos, the new CEO of Silicon Valley Bank, reportedly wrote a letter to clients on Monday informing them that the bank is open and operating normally.
The former CEO of Fannie Mae, Mayopoulos, was chosen earlier in the day by the U.S. Federal Deposit Insurance Corporation to lead the newly established entity, Silicon Valley Bank N.A. The regulator took control of SVB after it collapsed, crippling stocks and raising fears of contagion across international markets.
The regulator said all depositors will be able to access their money starting on Monday morning after transferring all Silicon Valley Bank accounts to this newly established bridge bank.
Mayopoulos has stated in the letter to clients that the bank will provide more details as soon as they become available.
“I look forward to getting to know the clients of Silicon Valley Bank…I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18,” Mayopoulos added in the letter.
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