The Federal Deposit Insurance Corporation (FDIC) appointed a new head of what is now called the Silicon Valley Bridge Bank (SVB), who asked former customers to bring their money back to “support the future of this institution.”
Tim Mayopoulos, who became the new CEO of SVB on Mar. 13, said that deposits held within the failed lender are now “among the safest of any bank or institutions in the country.”
The FDIC turned SVB into a bridge bank, which is a temporary institution that has been authorized by the financial regulator to operate a failed or insolvent bank until a buyer is found or the bank’s assets are liquidated….