Hey Startups, new Silicon Valley Bank CEO is strong, and wants your deposits back
Tim Mayopoulos, the former Fannie Mae chief who’s now CEO of Silicon Valley Bank, wants deposits back.
From 2009 through 2018, Tim was chief counsel then CEO of Fannie Mae — he steered the government-backed org successfully during the worst of the 2008 crisis fallout though an entire mortgage modernization era. So he’s an ideal leader for a scenario like this.
Below is the letter he wrote to customers, and a link to the original is at the bottom:
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. This action by FDIC effectively means that deposits held with SVB are among the safest of any bank or institution in the country.
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.
Tim Mayopoulos, the former Fannie Mae chief who's now CEO of Silicon Valley Bank, wants deposits back. Here's the letter he wrote.
Check It Out: