FDIC Names Tim Mayopoulos CEO of 'Bridge Bank' for Silicon Valley Bank Depositors
March 13 2023 - 07:10AM
Dow Jones News
By Will Feuer
The Federal Deposit Insurance Corp. said it has created a
"bridge bank" for depositors of the collapsed Silicon Valley Bank,
and named Tim Mayopoulos as the chief executive.
A longtime banking lawyer, Mr. Mayopoulos previously served as
CEO of the Federal National Mortgage Association, also known as
Fannie Mae. He joined Fannie Mae in 2009, shortly after it was
taken over by the federal government at the height of the financial
crisis, and became CEO in 2012. He served in that role until 2018
and most recently was CEO of mortgage-software startup Blend Labs
Inc.
Mr. Mayopoulos will serve as CEO of Silicon Valley Bank N.A.,
the bridge bank that will continue to serve Silicon Valley Bank
depositors beginning Monday morning, the FDIC said.
"Depositors and borrowers will automatically become customers of
Silicon Valley Bank N.A., and will have customer service and access
to their funds by ATM, debit cards and writing checks in the same
manner as before," the FDIC said Monday.
Silicon Valley Bank collapsed Friday in the second-biggest bank
failure in U.S. history after a run on deposits doomed the
tech-focused lender's plans to raise fresh capital. The FDIC took
control of the bank the same day via a new entity it created called
the Deposit Insurance National Bank of Santa Clara.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 13, 2023 06:55 ET (10:55 GMT)
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