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Silicon Valley Bank, closed Friday, March 10, 2023 by California Department of Financial Protection & Innovation. Federal Deposit Insurance Corporation was appointed as receiver. Treasury Dept, Federal Reserve, FDIC issues Joint Statement on SVB FDIC receivership.
Silicon Valley Bank's CEO and CFO are now facing a class-action lawsuit. Meanwhile, the new SVB CEO says the company is doing business as usual.
The new Silicon Valley Bank chief wrote to clients on his first day in the role, having been installed in the wake of the bank's collapse.
Tim Mayopoulos told clients in a letter on Monday that Silicon Valley Bank is "open and conducting business as usual."
Silicon Valley Bank conducting business as usual, new CEO says, New Silicon Valley Bank CEO Tim Mayopoulos tells customers that the embattled institution is conducting business as usual,