Who is Silicon Valley Bank's new CEO?

Silicon Valley Bank has a new CEO, Tim Mayopoulos. Mayopoulos succeeds the bank's former CEO, Greg Becker. Mayopoulos sent a letter to clients on Monday saying the bank is "open and conducting business as usual." Top editors give you the stories you want — delivered right to your inbox each weekday.

What happened to Silicon Valley Bank deposits?

The regulator transferred all deposits of Silicon Valley Bank to this newly created bridge bank and had said all depositors will have access to their money beginning Monday morning. In the letter to clients, Mayopoulos said that the bank will provide more information as soon as it was available.

Why did David Becker sell Silicon Valley Bank stock?

Becker has been heavily criticized for selling $3.6 million in Silicon Valley Bank stock less than two weeks before the collapse. The sale was part of a stock sale plan that was filed in January. Silicon Valley Bank clients and employees have since blamed Becker in large part for spreading panic that led to the bank’s collapse.

Did the FDIC transfer Silicon Valley Bank assets to a bridge bank?

In the letter, Mayopoulos explained that the FDIC transferred all assets held by Silicon Valley Bank to an FDIC-operated “bridge bank” called, “Silicon Valley Bank, N.A.,” where depositors have full access to their money and both existing and new deposits are protected.