Silicon Valley Bank’s clients received a surprising email in their inboxes late Monday evening from the bank’s new CEO Tim Mayopoulos stating that the institution was not only open, it was also business as usual.
“Silicon Valley Bank, N.A. is open and conducting business as usual,” the email, obtained by TechCrunch from multiple sources, read. At the time of publication, SVB’s website has been restored. Still, some founders tell TechCrunch that they are struggling to access their accounts and waiting for wires to officially clear.
Mayopoulos, who joined the company as CEO on Monday, said that new deposits — as well as existing ones — are protected by the FDIC in the new bank, called Silicon Valley Bank, N.A.
The explanation behind the surprising return of SVB is that the FDIC transferred deposits and assets of the former SVB “to a newly-created, full-service FDIC-operated ‘bridge bank,” the e-mail describes. “All wire payments entered on March 9 or 10 that ha...
