- New SVB CEO urges top VC clients to move deposits to newly created bridge entity.
- Deposits at the bank are among the safest of any US banks or institutions.
- New bank to honor existing loan facilities and lines of credit for its customers.
- Potential outcomes for the bank include getting recapitalized, finding a buyer, or winding down.
New SVB CEO urges top venture capital clients to move deposits back
Silicon Valley Bank's new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank's top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said.
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