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The U.S. Federal Deposit Insurance Corporation (FDIC) has transferred all deposits of Silicon Valley Bank (SVB), both insured and ...
SVB grew so quickly in part by catering to the types of startups that were too small or unprofitable to work with larger banks.
Tim Mayopoulos, who led the government-sponsored enterprise for six years following the Great Recession, will oversee the FDIC-created entity intended to protect Silicon Valley Bank depositors.
Tim Mayopoulos, who has lengthy financial and legal expertise, will head the FDIC-operated bridge bank meant to protect depositors of SVB.
It’s the latest blow to a group of stocks that are trading 42 percent below their offering prices on average.