(New York) The boss of Silicon Valley Bridge Bank, the entity created by US regulators to succeed Silicon Valley Bank (SVB) after its bankruptcy, on Tuesday called on customers to bring their deposits back into the entity so that she can continue to do business.
SVB, which became insolvent after massive customer withdrawals, was placed under the control of the authorities on Friday, who entrusted its management to the American agency responsible for guaranteeing deposits (FDIC).
“We are doing everything in our power to rebuild, regain your trust and continue to support the innovation economy,” wrote in a message Tim Mayopoulos, appointed head of the new establishment by the FDIC on Monday.
The bank is in the process of restarting its various systems, “providing new loans and honoring existing credit solutions”, he said.
“The first 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 by transferring deposits that have gone to the last few days,” he pleaded.
The FDIC guaranteed that all customers of the bank prior to its bankruptcy would have access to all of their funds, including beyond the usual $250,000 limit.
The bank “is also open to new customers,” Mayopoulos said.
