Yesterday I shared the news that I was appointed as the CEO of Silicon Valley Bridge Bank, N.A. We are doing everything we can to rebuild, win back your confidence, and continue supporting the innovation economy. We recognize the past few days have been an extremely challenging time, and we are grateful for your patience.
We are open for business and are hard at work bringing all systems and solutions back online to support you. We are making new loans and fully honoring existing credit facilities.
The number one thing you can do to support the future of this institution is to help us rebuild our deposit base, both by leaving deposits with Silicon Valley Bridge Bank and transferring back deposits that left over the last several days.
As stated in yesterday’s announcement, depositors have full access to their money and both new and existing deposits are fully protected by the FDIC.
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.
Please reach out to your SVB team with any questions. We will be sharing more updates as we continue our work to support the innovation economy.
Thank you.
Tim Mayopoulos, CEO
Silicon Valley Bridge Bank, N.A.