The new director of Silicon Valley Bridge Bankentity created by United States federal regulators after the bankruptcy of the intervener Silicon Valley Bank (SVB), on Tuesday urged customers who they withdrew their deposits to return with your money so that the bank can recover.
He BLSa key to startups in the United States since the 1980s, collapsed after a massive withdrawal of deposits prompting financial regulators to seize control of the entity on Friday.
“The first thing you can do to support the future of this institution is to help rebuild our deposit base by leaving deposits in the Silicon Valley Bridge Bank and transferring the deposits back,” Chief Executive Officer Tim Mayopoulos said in a statement.
He added: “We are doing everything we can to rebuild, rebuild trust and continue to support the innovation economy.”
The SVB was replaced by the Silicon Valley Bridge Banka new bank regulated by the Office of the Comptroller of the Currency and whose figure under the denomination “bridge” (bridge) allows its new management to assume the obligations and commitments of the previous SVB.
The Federal Deposit Insurance Corporation (FDIC) said it will answer for all SVB deposits, including those over the $250,000 protection limit.
“We are making new loans and fully honoring existing credit lines,” Mayopoulos said.
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