The new director of Silicon Valley Bridge Bank, an entity created by US federal regulators after the collapse of the Silicon Valley Bank (SVB), which underwent intervention, this Tuesday (14) asked customers who withdrew their deposits to return the money, so that the bank can recover.
SVB, key to start-ups in the United States since the 1980s, collapsed after a massive withdrawal of deposits, which prompted financial regulators to take control of the entity last Friday.
“The first thing you can do to support the future of this institution is to help rebuild our deposit base,” said Tim Mayopoulos. “We are doing everything we can to rebuild, rebuild trust and continue to support the innovation economy.”
The Federal Deposit Insurance Corporation (FDIC) said it will be liable for all SVB deposits, including those that exceed the $250,000 protection threshold. “We are making new loans and fully honoring existing lines of credit,” Mayopoulos said.
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