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FDIC names Tim Mayopoulos as CEO of Silicon Valley Bank
Regulators shuttered the startup-focused lender on Friday after a run on its deposits that left it with a dearth of capital
Photo: Reuters
The Federal Deposit Insurance Corporation on Monday named Tim Mayopoulos as the chief executive officer of Silicon Valley Bank, a subsidiary of the defunct SVB Financial Group.
Mayopoulos steps in after regulators shuttered the startup-focused lender on Friday after a run on its deposits that left it with a dearth of capital.
The regulator has also transferred all deposits — both insured and uninsured — and substantially all assets of the bank to a newly created bridge bank.
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