Silicon Valley Bank Caretaker Urges Depositors To Come Back
NDTV
Silicon Valley Bank -- a key lender to startups across the United States since the 1980s -- collapsed after a sudden run on deposits, prompting regulators to seize control Friday.
The head of Silicon Valley Bridge Bank, created by US regulators to succeed Silicon Valley Bank after it collapsed, on Tuesday urged fleeing depositors to return with their money, as large banks see an influx of funds.
Silicon Valley Bank -- a key lender to startups across the United States since the 1980s -- collapsed after a sudden run on deposits, prompting regulators to seize control Friday.
"The number one thing you can do to support the future of this institution is to help us rebuild our deposit base," chief executive Tim Mayopoulos said in a statement, "both by leaving deposits with Silicon Valley Bridge Bank and transferring back deposits that left over the last several days.
He added: "We are doing everything we can to rebuild, win back your confidence, and continue supporting the innovation economy."
