The Federal Deposit Insurance Corporation named Mayopoulos to lead the newly created bridge bank, named Silicon Valley Bank N.A., Monday after federal regulators shuttered the start-up-focused lender Friday.
A bridge bank is a temporary institution that has been authorized by a financial regulator to operate a failed or insolvent bank until a buyer is found or the bank’s assets are liquidated,Mayopoulos, who succeeds former CEO Greg Becker, sent clients a lengthy email to say that the lender remains open and operating normally, according to Reuters.“Silicon Valley Bank, N.A. is open and conducting business as usual.
Mayopoulos also noted that he served as president of a Silicon Valley-based software firm “that provides technology to financial institutions to serve their consumer banking customers.”Getty Images “I know how important Silicon Valley Bank has been and continues to be to the success of its clients and the innovation ecosystem,” he wrote.Silicon Valley Bank executive Gerald Brady praised Mayopoulos for the email.
“Love seeing this note from our new CEO at SVB — thanks Tim Mayopoulos for a clear message: we are open for business and your deposits are protected,”
YES, WITH THE TAXPAYER'S FUCKING MONEY!
So let's get this straight. Poor people of E. Palestine, OH have to make do with Toxic Environment & pennies! But 99% of the wealthy account holders of SVB who have more than $250k get a BAILOUT It's just not called a BAILOUT: 'Bank Fee' that's paid by Bank Costumers! 🤬💩🤡
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