“The first thing you can do to support the future of this institution is to help rebuild our deposit baseleaving the deposits in the Silicon Valley Bridge Bank and transferring again deposits,” Chief Executive Officer, Tim Mayopoulos.
“We are doing everything we can to rebuild, restore confidence and continue supporting the economy of innovation”, he added.
The SVB was replaced by the Silicon Valley Bridge Bank, a bank regulated by the Office of the Comptroller of the Currency and whose figure under the name “bridge” (bridge) allows its new management to assume the obligations and commitments of the previous SVB.
The Federal Deposit Insurance Corporation (FDIC) said that answer to for all deposits of the SVB, including those that exceed the protection limit of $250,000.
“We are making new loans and fully honoring existing credit lines,” Mayopoulos said.
Other regional banks in the crosshairs
The White House closely follow the evolution of First Republic and others smaller banks following measures taken on Sunday to protect depositors after the failure of Silicon Valley Bank and SignatureBank last week, a senior official declared on Tuesday.
When asked if the danger that they occurred massive deposit withdrawals at other banks, the official said the US banking system was in “a much better position right now” than if the measures had not been taken, and that depositors should have confidence that their funds would be protected.
The White House is also closely monitoring any outflow of money to the largest banks, and remains committed to ensuring robust competition in the banking sector, the official added.
With information from AFP and Reuters
