FDIC names Tim Mayopoulos as CEO of Silicon Valley Bank

Illustration shows SVB (Silicon Valley Bank) logo
SVB (Silicon Valley Bank) logo is seen through broken glass in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

March 13 (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 (SIVB.O).

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.

Reporting by Mehnaz Yasmin in Bengaluru; Editing by Sriraj Kalluvila

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