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561 CEO of New Silicon Valley Bank: ‘No Safer Place’ for Deposits

The Information
Amir Efrati @ The Information · 03/14/2023 14:34 EDT

CEO of New Silicon Valley Bank: ‘No Safer Place’ for Deposits

The government-appointed CEO of the Silicon Valley ‘bridge bank’ asked venture capitalists on Tuesday morning to keep deposits at the bank and return them to the institution. He also said clients with existing debt facilities will be honored.

“I’m not asking you to do this as an act of charity,” said Tim Mayopoulos, the CEO appointed by the Federal Deposit Insurance Corp. to run the entity that will operate until the government secures buyers for the failed Silicon Valley Bank. “There is no safer place,” f

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