, Mayopoulos joined the bank as CEO yesterday. Over the weekend, the FDIC transferred deposits and assets to Silicon Valley Bank, N.A., which is a comission-operated bridge bank, according to an FDIC. Mayopoulos announced to clients via the email that new and existing deposits are protected by the FDIC in Silicon Valley Bank, N.A. but that unprocessed wire transfers placed on March 9 or 10 will need to be placed again.
“Silicon Valley Bank, N.A. is open and conducting business as usual. We are here to serve you. I recognize the past few days have been an extremely challenging time for our clients and our employees, and we are grateful for the support of the amazing community we serve,” Mayopoulos wrote in the letter. “Depositors have full access to their money and new and existing deposits are protected.
Silicon Valley Bank was shut down on March 10 after clients began withdrawing funds to ride out the current economic uncertainty. Silicon Valley Bank then chose to sell their investments at a loss, which spooked clients into withdrawing more money, leading