Silicon Valley Bank is again open for business

After FDIC taken over SVB last Friday, the new CEO, Tim Mayopoulos, announced that depositors have full access to their money starting from today. New and existing deposits are full protected.

Below you will find the email message that SVB's new CEO has sent to all customers in the last 10 hours.

"Dear Clients: 

Silicon Valley Bank, N.A. is open and conducting business as usual. We are here to serve you. I recognize the past few days have been an extremely challenging time for our clients and our employees, and we are grateful for the support of the amazing community we serve. I have joined the company as CEO starting today. 

Over the weekend, the FDIC transferred all deposits and substantially all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. Depositors have full access to their money and new and existing deposits are protected. You can read more in the press release issued today. 

A few immediate notes: 

• All existing deposits are protected by the FDIC. 
• All NEW deposits are also protected by the FDIC. 
• All wire payments entered on March 9 or 10 that have not already processed have since been cancelled. If you wish to consummate those transactions, you need to reinitiate them. 
• We are conducting business as usual within the US and expect to resume cross-border transactions in the coming days. 

We know many of you have questions and we appreciate your patience as our dedicated team works as quickly as possible to serve you. More information will be provided as soon as it is available. 

I look forward to getting to know the clients of Silicon Valley Bank. I come to this role with humility. I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18. I am very proud of work we did there to restore the company to profitability and to stabilize the housing finance system in a period of unprecedented challenge. 

I also come with experience in and an appreciation for the innovation economy. Until recently, I was the president of a Silicon Valley-based software company that provides technology to financial institutions to serve their consumer banking customers. I know how important Silicon Valley Bank has been and continues to be to the success of its clients and the innovation ecosystem. 

We look to restore your confidence and support you and your companies at this time. 

Thank you and best regards, 

Tim Mayopoulos 

CEO, Silicon Valley Bank, N.A."

Timothy J. Mayopoulos is an American businessman and lawyer. He was formerly president and chief executive officer of Fannie Mae. Mayopoulos was announced as president and member of the board of directors at Blend in 2019. Starting with March 2023, Tim Mayopoulos is the new CEO of the Silicon Valley Bank (SVB).